ECC Allows Import Of 200KMT Urea For Rabi Season
ISLAMABAD, (UrduPoint / Pakistan Point News – 24th Nov, 2023) The Economic Coordination Committee (ECC) of the cabinet here on Thursday decided to allow import of 200 KMT urea fertilizer on G2G/tender basis to meet the demands during Rabi season.
According to press statement issued by the finance ministry, the Caretaker Federal Minister for Finance, Revenue, and Economic Affairs, Dr. Shamshad Akhtar presided over a meeting of the cabinet committee.
Ministry of Industries & Production had move summary before the committee, the statement said adding ECC approved it in line with normal procedure requested Ministry of Commerce and Industry to direct the Trading Corporation of Pakistan (TCP) to take further necessary action in this context.
On summary by Ministry of National food Security & Research, the committee decided to approve the Cash Credit Limit (CCL) of Rs. 540 billion for Punjab and Rs. 214 billion for Sindh for the quarter of July-September 2023.
The ECC also advised Punjab and Sindh to settle the unsecured exposure of Commodity debt. Moreover, it was decided that in future, Finance Division may monitor the CCL requirement of Punjab and Sindh with the view that Provinces have been taking steps for settlement of their unsecured exposure and that CCL may be issued to the extent of unsecured exposure and the CCL may be issued to the extent of unsecured exposure as reported on 30th September 2023.
Also, the CCL of the quarter April-June 2023 of Punjab and Sindh, already issued by Finance Division was endorsed too.
Another summary of Ministry of Energy (Petroleum Division) regarding “Application for the Grant of Marginal Policy Pricing Incentives for the Jhal Magsi South Development & Production Lease (D&PL) Covering an Area of 17.
71 Sq Kms Located in District Jhal Magsi, Balochistan” was considered by ECC.
It was discussed that the case for declaration of Jhal Magsi South D&PL as Marginal Field under Article D(3) of the Marginal Guidelines has already been reviewed, and it eligibility has also been certified by independent 3rd Party consultant for the concession.
Therefore, it can be considered eligible for the gas price incentives allowed under the Marginal/Standard Gas Fields-Gas Pricing Criteira and Guidelines 2013 subject to the conditions that OGDCL will submit Supplemental Agreement to Kotra PCA to formally adopt Marginal Policy Price Incentives, and that M/s OGDCL will submit revised field development plan over Jhal Magsi South D&PL.
The summary of Ministry of National Health Services, Regulation, and Coordination regarding approval of increase in MRPs of 262 Drugs under hardship Category as recommended by the Drug Pricing Committee (DPC) in its 56th and 57th Meeting was considered by the ECC.
It was observed that clear recommendations and required analysis was not given by M/o NHSR&C, as such the summary was not approved.
Lastly, a summary of Ministry of Energy (Petroleum Division) regarding “Supply of Gas/RLNG to FATIMAFERT & AGRITECH to meet requirement of Urea” was considered and discussed.
The ECC directed to operate the 2 plants based on RLNG OGRA notified rate. The differential amount was allowed to be recovered through OGRA determined Revenue Requirements (RERR) for SNGPL, the statement added.
