Agencies/provinces/areas: ECC allows allocation of wheat on price-weighted average

ISLAMABAD: The Economic Coordination Committee (ECC) of the Cabinet allowed allocation of wheat among the recipients at 50 percent local and 50 percent imported on price-weighted average of the stock and approved yet another Rs47 billion for execution of development schemes under the SDGs Achievement Program (SAP).

The ECC meeting presided over by the finance minister on Monday approved a summary of the Ministry of National Food Security and Research for allocation of the PASSCO’s wheat among recipient agencies/provinces/areas for the year 2023-24 and informed that the recipient agencies have made their demand of 2,488,000 metric tons for the food year 2023-24.

The ECC after discussion allowed allocation of wheat among the recipients at 50 per cent local and 50 per cent imported on weighted average price of the stock.

Sale of Passco’s damaged wheat: ECC directs ministry to resolve issue

The ECC further directed that all recipients would pay full price of wheat and incidental charges of PASSCO as there would be no financial liability on the part of federal government for supply of the wheat to the respective provinces/entities.

The ECC also directed the provincial governments to pay the pending liabilities of Rs149 billion of PASSCO before signing of MoU for the procurement of wheat for the current year.

The ECC also approved a summary of Ministry of Industries and Production regarding amendments in the EPZA Rules, 1981 and EPZs (Control of entry and Exit of Persons and Goods) Regulations, 1994, to allow import of construction material from tariff area into EPZs of Northern region (Sialkot, Gujranwala and Risalpur) as well as all future EPZs in local currency instead of foreign convertible currency for their speedy colonization and achievement of optimum export targets, with condition that this relaxation would be for locally-manufactured products by Pakistani entrepreneurs for five years.

The Power Division submitted a summary for approval of commissioning of 1,263 MW combine cycle power project (CCPP) - Punjab thermal Power (Pvt) Limited Jhang.

Copyright Business Recorder, 2023