ISLAMABAD: The Economic Coordination Committee (ECC) of the Cabinet has approved technical supplementary grant of Rs16 billion for payment of the SNGPL dues for the month of February and expected claims for the remaining months of March, April, and May during the current fiscal year 2021-22.
The meeting of the ECC presided over by Minister Finance and Revenue Shaukat Tarin was submitted a summary by the Ministry of Industries and Production for operation of Fatima Fertilizer (Sheikhupura Plant) and Agritech.
The ECC after discussion approved the proposal for provision of indigenous gas to two SNGPL-based urea plants latest by March 31st, 2022, resulting in saving of funds to be utilised on provision of RLNG to both these plants and continued operation throughout the year.
The ECC further directed to expedite the process of shifting the plants on system gas within one month. The ECC also approved technical supplementary grant of Rs16 billion for payment of the SNGPL dues for the month of February and expected claims for the remaining months of March, April and May during the current fiscal year 2021-22.
The Ministry of Industries and Production submitted another summary on provision of funds to Heavy Electrical Complex (HEC) to pay liabilities on account of mark-up to the Bank of Khyber (BoK). The ECC approved Rs23.309 million as mark-up for the period of October 2021 to March 2022.
The Ministry of Commerce presented a summary on Drawback of Local Taxes Scheme (DLTS) for the period 2021-26. The ECC after detailed discussion approved revised/ rationalised Drawback of Local Taxes Scheme (DLTS) for the period of five financial years from 1st July, 2021to 30th June 2026.
The scheme will be subject to quarterly/ periodic reviews to gauge its impact on export performance of sectors, as well as, exporting firms. The estimated financial impact will be Rs79.27 billion for fiscal year 2021-22, however, actual claims till 30th June 2022 are estimated to be around 50 billion.
The ECC also approved following supplementary grants:(a)Rs500 million in favour of the Ministry of Federal Education and Professional Training for National Commission for Human Development (NCHD);(b) Rs681.046 million in favour of the Ministry of Housing and Works;(c) Rs116.467 million in favour of Interior Division.
The meeting of the ECC was attended by Federal Minister for Planning, Development and Special Initiatives Asad Umar, Federal Minister for National Food Security and Research Syed Fakhar Imam, Adviser to the PM on Commerce and Investment Abdul Razak Dawood, federal secretaries, governor SBP, chairman Planning Commission, and other senior officials.
Copyright Business Recorder, 2022