ECC approves Rs20bn relief package for export sectors

• ECC decided to postpone the decision to fix the wheat Minimum Support Price (MSP) of Rs1400 per 40kg.
• The electricity subsidy to export sectors will be provided until June 2020.

The Economic Coordination Committee (ECC) on Wednesday has approved the Rs20 billion relief package to provide electricity at affordable rates to five export sectors.

As per the summary submitted by the Power Division, the electricity subsidy to export sectors will be provided till June, 2020.

In a meeting chaired by the Advisor on Finance Abdul Hafeez Shaikh here at Islamabad, the ECC decided to postpone the decision to fix the wheat Minimum Support Price (MSP) of Rs1400 per 40kg.

The Ministry of National Food Security and Research (MNFS&R) Monday recommended setting Minimum Support Price (MSP) of wheat crop 2019-20 at Rs1,400 per 40-kg. An official said that the Wheat Review Committee headed by Federal Minister for National Security and Research Makhdoom Khusro Bakhtyar decided to recommend to the Economic Coordination Committee (ECC) of the cabinet to increase MSP of wheat crop 2019-20 from Rs1,365 per 40-kg at Rs1,400 per 40-kg.

The ECC on November 29, had raised the MSP to Rs1,365 per 40kg from Rs1,350 per 40-kg to support farmers.

Meanwhile, a special meeting will be convened on Thursday regarding wheat and flour prices, where the impact of the Rs1400 per maund support price will be reviewed.

Furthermore, the Petroleum Ministry's proposal for ease of doing business was also approved, under which the extension of the oil exploration license period has to be approved by the ECC.