The Economic Coordination Committee (ECC) of the Cabinet has allowed the Trading Corporation of Pakistan (TCP) to initiate the process for import of 300,000 MT of Urea on G2G basis.The Ministry of Industries and Production presented a summary on urea fertilizer requirement for Rabi season 2022-23 and briefed the ECC on the demand and supply situation of the fertilizer in the country.

The meeting approved Rs. 3 billion fund for National Disaster Management Authority (NDMA) to meet its growing expenditure on flood-affected people across Pakistan.  The NDMA officials informed the ECC that millions of people had suffered in terms of loss of life, property, livestock and standing crops by floods across the country, said a press release received by WealthPK.  

The prime minister had directed the NDMA to coordinate with Provincial Disaster Management Authorities and proactively undertake rescue and relief operation in the affected areas.  The ECC was informed that the Utility Stores Corporation, in coordination with provincial governments, was participating in relief operations for the supply of essential food items in flood-affected areas.

 The ECC in view of the emergency situation approved Rs 540 million Supplementary/Technical Supplementary Grant in favour of Utility Stores Corporation for providing essential commodities in the flood-affected areas. Some 113,700 ration bags amounting to Rs. 540 million would be disbursed based on the preliminary need assessment. The ECC also approved funds requirement of Rs. 1,009,480,191 in favour of the Ministry of National Health Services, Regulation & Coordination for further transfer to the Government of Afghanistan through an approved mechanism for running cost/salary of the staff of three Pakistani hospitals in Afghanistan.   

The Ministry of National Food Security and Research also submitted a summary for allocation of Pakistan Agricultural Storage & Services Corporation (PASSCO)’s local and imported wheat stock among the recipient agencies.  The ECC was informed that PASSCO served as a strategic organization to procure wheat from Punjab, Sindh and Balochistan to build strategic reserves and to supply wheat to recipient agencies in case of emergency.

 Every year, on the request of recipient agencies, PASSCO allocates wheat from its stocks. PASSCO held wheat stock of 2.499 MMT, including 1.232 MMT carry forward stocks.  In view of the above, the ECC allowed supplying PASSCO’s wheat among all recipients at 50% local and 50% imported. However, USC will be provided wheat at 75% local and 25% imported. All recipients including USC would pay full cost of wheat (local + imported) and incidental charges to PASSCO. The ECC was presided over by Federal Minister for Finance and Revenue, Miftah Ismail.

Credit : Independent News Pakistan-WealthPk