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ISLAMABAD: The Economic Coordination Committee (ECC) of the Cabinet has allowed an extension in sugar export time from 45 days to 60 days for shipment from the date of quota allocation. It allowed Rs50 billion sovereign guarantee in favour of the SNGPL for commercial borrowing to support Pakistan State Oil (PSO).

The meeting of the ECC presided over by Finance Minister Ishaq Dar was submitted a summary by the Ministry of Commerce with regard to the extension in the shipment period of sugar export. The meeting after a detailed discussion allowed the extension from 45 days to 60 days’ time limit for shipment of sugar from the date of quota allocation.

The Ministry of Energy (Petroleum Division) put up a summary on the liquidity requirement of the PSO for the import of petroleum products in the country and argued that the PSO is engaged in the import of Liquefied Natural Gas (LNG) in the country to meet the energy requirement in terms of LNG and petroleum products.

Customs sets up cell to monitor sugar export

The PSO is importing 8 to 9 LNG cargos per month, whereas, as per the contracts with LNG suppliers, the PSO is obliged to clear the invoices within the time frame. In order to enable the PSO to remain afloat in its payment obligations to LNG suppliers and to continue the LNG supply chain, the ECC allowed a sovereign guarantee in favour of the SNGPL for commercial borrowing of Rs50 billion on an immediate basis.

The Ministry of National Food Security and Research submitted a summary on Cotton Intervention Price (CIP) for 2023-24 Crop and argued that an announcement of CIP at this time, ahead of the main sowing season will help growers decide about the area and investment in cotton crop and expected to enhance yield and area by 10-15 percent.

The ECC after a detailed discussion approved the proposal of the MNFSR to fix cotton (Phutti) Intervention Price at Rs8,500/40-kg for the current sowing season.

The ECC directed the MNFSR to constitute Cotton Price Review Committee (CPRC) with the mandate to review market prices. The ECC further directed the ministry to proactively involve the cotton industry. The ECC also approved an immediate allocation of Rs10 billion to the NDMA for payment for procurement and transport of the goods to affected areas in Turkey and Syria.

The NDMA submitted a summary on financial requirements for the NDMA execution plan regarding Pakistan’s assistance for Turkey and Syria earthquake-2023.

The meeting was informed that the devastating earthquake caused massive causalities in Turkey and Syria.

To support the brotherly countries in their difficult time, the NDMA was directed to maximise and extend full support from 6th February and onwards.

Considering timely help and support to brothers and sisters in Turkey and Syria,

Federal Minister for Industries and Production Syed Murtaza Mahmud, Federal Minister for Commerce Syed Naveed Qamar, Shahid Khaqan Abbasi MNA/ex-PM, SAPM on Finance Tariq Bajwa, SAPM on Revenue Tariq Mehmood Pasha, SAPM on Government Effectiveness Dr Muhammad Jehanzeb Khan, federal secretaries, and other senior officers attended the meeting.

Copyright Business Recorder, 2023

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Aurangzeb Mar 15, 2023 03:31pm
I wish the the export decision was taken in October/ November that would have helped both grower and manufacturing sectors. The present decision is good but it will only help manufacturers.
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