26 C
Lahore
Tuesday, September 21, 2021

ECC okays import of 600,000 metric tons sugar

Must read

World ought to recognise Taliban authorities: Zabihullah Mujahid

Taliban spokesman Zabihullah Mujahid addresses a press convention in Kabul on September 7, 2021. — AFP/File."We appeal to the international community to assist us...

EU, US online game shares drop after new China suspension scare | The Specific Tribune

MILAN: European and US online game shares fell on Thursday after a reported suspension of approvals for on-line video games in China clouded prospects for...

Nawaz Sharif will return to Pakistan this 12 months: Javed Latif

PML-N chief Mian Javed Latif claims that Nawaz Sharif will grow to be the prime minister for the fourth time.He is coming right...

ICC involved about ban on Girls’s Cricket in Afghanistan

ICC fears Taliban may ban girls's cricket of their new regime. Picture ReutersICC to debate the issues in its subsequent board assembly.Afghanistan joined ICC...

The Economic Coordination Committee (ECC) has allowed to import 600,000 metric tons of sugar.
The Financial Coordination Committee (ECC) has allowed to import 600,000 metric tons of sugar.
  • ECC provides nod to import 600,000 metric tons of sugar.
  • It is going to value Rs8 to 9 billion per 100,000 metric tons relying on the freight costs, says official.
  • The ECC takes the choice to construct up strategic reserves within the home market. 

ISLAMABAD: The Financial Coordination Committee (ECC) of the cupboard has allowed to import 600,000 metric tons of sugar with a view to construct up strategic reserves within the home market, in response to a report printed in The Information on Thursday.

The ECC determined to merge a abstract tabled by the Ministry of Industries and Manufacturing for permitting the import of 100,000 metric tons of sugar after figuring out that the federal cupboard had accepted the import of 600,000 metric tons of sugar.

Prime officers informed The Information within the background discussions after the ECC assembly that the discussion board had earlier accepted import of 200,000 metric tons of sugar however when this concern got here below dialogue within the federal cupboard this week, it was determined so as to add 300,000 to 400,000 metric tons extra to it so {that a} complete of 600,000 metric tons of sugar could be imported in totality with a view to construct up strategic reserves within the home market.

“It will cost Rs8 to 9 billion per 100,000 metric tons depending on the freight charges, so it will cost the national exchequer to the tune of Rs54 billion on account of importing the sweetener in the current fiscal year”, the official stated.

Therefore, each the summaries have been merged, as a result of the ECC’s approval was required with impact to the allocation of funds for procurement and freight costs. 

The involved ministry held consultations with the Pakistan Sugar Mills Affiliation (PSMA) throughout totally different conferences and at last determined to construct up strategic reserves with a view to keep away from exploitation from any parts.

In accordance with the official announcement by the Ministry of Finance, Federal Minister for Finance and Income, Shaukat Tareen, chaired a gathering of the ECC of the cupboard (by way of a video hyperlink) on Wednesday. The assembly witnessed hectic discussions the place the contributors additionally requested for inclusion of Overseas Direct Funding (FDI) with a view to increase up exports.

The Finance Division tabled a abstract to hold ahead for FY2021-22, the unutilised money element equal to Rs352 billion out of the financial stimulus package deal amounting to Rs1,240 billion (given in March, 2020) to mitigate the adversarial socio-economic impression of the coronavirus pandemic and to help the marginalised sections of the society.

The funds have been allotted below the financial stimulus package deal for the complete length of COVID-19 pandemic regardless of the monetary 12 months. Foregoing in view, the ECC revalidated the quantity of Rs352 billion for the FY 2021-22 for the meeting-related expenditures, together with procurement of vaccine for the COVID-19 (throughout the ongoing fourth wave) because the federal authorities goals to vaccinate a minimum of 85 million by December 2021.

Federal Minister for Nationwide Meals Safety and Analysis Syed Fakhar Imam, Federal Minister for Privatisation Muhammad Mian Soomro, Adviser to the PM on Institutional Reforms and Austerity Dr Ishrat Hussain, Adviser to the PM on Commerce and Funding Abdul Razak Dawood, SAPM on Finance and Income Dr Waqar Masood, federal secretaries, chairman FBR and different senior officers participated within the assembly. State Financial institution of Pakistan Governor Dr Reza Baqir joined the assembly by way of video hyperlink.

The ECC thought of the abstract offered by the Ministry of Commerce concerning the Strategic Commerce Coverage Framework (STPF) for 2020-25 to boost export competitiveness of Pakistan by way of a framework of coverage interventions. 

The proposed STPF 2020-25 additionally features a monitoring and implementation mechanism. The underlying rationale is to boost exports as a nationwide precedence by way of collaborative and cohesive efforts.

Talking on the event, the finance minister directed that the components associated to a market-based real looking alternate fee have to be included below the proposed STPF 2020-25. 

The finance minister additional careworn to incorporate particular measures for encouraging Overseas Direct Funding (FDI) and consolidation of the fragmented export trade in Pakistan.

More articles

LEAVE A REPLY

Please enter your comment!
Please enter your name here

Latest article

World ought to recognise Taliban authorities: Zabihullah Mujahid

Taliban spokesman Zabihullah Mujahid addresses a press convention in Kabul on September 7, 2021. — AFP/File."We appeal to the international community to assist us...

EU, US online game shares drop after new China suspension scare | The Specific Tribune

MILAN: European and US online game shares fell on Thursday after a reported suspension of approvals for on-line video games in China clouded prospects for...

Nawaz Sharif will return to Pakistan this 12 months: Javed Latif

PML-N chief Mian Javed Latif claims that Nawaz Sharif will grow to be the prime minister for the fourth time.He is coming right...

ICC involved about ban on Girls’s Cricket in Afghanistan

ICC fears Taliban may ban girls's cricket of their new regime. Picture ReutersICC to debate the issues in its subsequent board assembly.Afghanistan joined ICC...

Fb unveils its first good glasses | The Categorical Tribune

Fb Inc launched its first good glasses on Thursday in a step towards its goal of providing true augmented-reality spectacles. The glasses, which had...