ECC ratifies export of wheat stocks lying with PASSCO

ISLAMABAD: The Economic Coordination Committee (ECC) of the Cabinet, on Monday has accorded approval for the sale of wheat stocks lying with Pakistan Agricultural Storage and Services Corporation (PASSCO), and the institutional investment in the National Savings Scheme has been barred, Geo News reported.

The ECC, which met here with the Federal Minister for Finance and Economic Affairs Dr. Abdul Hafeez Shaikh in chair, also constituted committees for the further deliberation on the summaries moved by the Ministry of Food and Agriculture, Ministry of Industry of Production, on the cost of Wayen Poly Purphelane Bags, and subsidy on sale price of Imported Urea.

In the summary, the Ministry of Food and Agriculture has proposed that PASSCO be allowed to sell 200,000 tons of wheat lying in its stores.

The Finance Division has already accorded its approval.

On the summary moved by the Ministry of Finance to the ECC it was proposed that institutional investment in the National Savings Scheme may be discontinued except that individual funds like pension, gratuity, superannuation, contributory provident funds and trusts, etc, held by the institutions may be allowed for investments in NSS.

It may be added here that the proposal was earlier submitted to the Prime Minister by the Finance Division who had desired that the same may be put up in the ECC for discussion on it.

The ECC also constituted committees on the summaries for the subsidy and sale price of imported urea, in which the committee was requested by the Ministry of Industries and Production to fix the price of the imported urea comparable with the market prices.

After having detailed deliberation on this subject, the Minister constituted a committee comprising Chairman Planning Commission, Secretary Food and Agriculture, Industries and Chairman TCP to further deliberate and submit their report to the next ECC.

Earlier the ECC was given presentation on the implementation of the last decisions made by the Committee.

The Minister for Finance as the Chairman of the Committee observed that the pace of the implementation of the decision is slow, and instructed the concerned secretaries to accelerate it.

Among who attended the meeting included Federal Minister for Housing and Works, Makhdoom Shahabuddin, Minister for Food and Agriculture Senator Israrullah Zehri, and Minister for State for Foreign Affairs.

Hina Rabbani Khar and almost all the Secretaries, Chairmen PASSCO and TCP.