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ECC okays Rs.10 billion for PM Youth Business & Agriculture Loan Scheme

Federal Minister for Finance and Revenue Senator Mohammad Ishaq Dar chaired the meeting of the Economic Coordination Committee (ECC) of the Cabinet on Monday.

Federal Minister for Commerce Syed Naveed Qamar, Federal Minister for Power Mr. Khurram Dastgir Khan, Federal Minister for Climate Change Senator Sherry Rehman, Federal Minister for Industries and Production Makhdoom Syed Murtaza Mehmmod, Minister of State for Petroleum Mr. Musadik Masood Malik, SAPM on Finance Mr. Tariq Bajwa, Coordinator to the PM on Economy Mr. Bilal Azhar Kayani, Federal Secretaries and other senior officers attended the meeting.

Ministry of National Food Security & Research submitted a summary for allocation of PASSCO’s Wheat amongst recipient agencies/ provinces /areas for the year 2023-24 and informed that the recipient agencies have made their demand of 2,488,000 MT for the food year 2023-24. The ECC after discussion allowed allocation of wheat amongst the recipients @ 50% local and 50% imported on weighted average price of the stock. 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 part of the federal govt for supply of the wheat to the respective provinces/entities. The ECC also directed the provincial governments to pay the pending liabilities of Rs. 149 billion of PASSCO before signing of MoU for the procurement of wheat for the current year.

The ECC considered and approved 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 a period of next five years.

Power Division submitted a summary for approval of commissioning of 1263 MW CCPP- Punjab thermal Power (Pvt) Limited Jhang. The ECC after discussion approved the proposal of deferment of performance tests on HSD as required by the Govt of Punjab and declaration of Commercial Operation Date (COD) of Punjab thermal Power (Pvt) Limited on RLNG upon successful completion of Commissioning Test testing on RLNG; and in case of non- availability of RLNG fuel, PTPL shall be treated on forced outages under the PPA till the successful testing of the power plant on HSD fuel.

Petroleum Division submitted a summary regarding allocation of condensate to Attock Refinery Limited and its freight charges adjustment through IFEM. The ECC after discussion approved the proposal and allowed reallocation of 5,000 BPD condensate to ARL from UEPL’s Naimat Facility.

Ministry of National Health Services, Regulations and Coordination submitted a summary regarding fixation of Maximum Retail Prices of 26 new drugs. The ECC afer detailed discussion approved fixation of Maximum Retail Prices (MPRs) of Twenty Five ( 25) new drugs.

The ECC also approved following Technical Supplementary Grants:

i. Rs, 47,149 million as TSG in favour of Ministry of Housing and Works for execution of development schemes under SDGs Achievement Program (SAP) in Punjab, Sindh, Baluchistan and KPK provinces.

ii. Rs. 10 billion as TSG in favour of PM’s Youth Business & Agriculture Loan Scheme (PMYB&ALS) surrendered from PM’s Youth Program for small loans.

iii. Rs. 2,725 million as TSG in favour of Power Division for execution of development schemes of Punjab, Sindh, KPK and Baluchistan provinces under Sustainable Development Goals Achievement Program (SAP).

iv. Rs. 1,016.000 million as TSG in favour of Petroleum Division for execution of gas schemes in Punjab province under SAP.

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