ISLAMABAD: Prime Minister Shahid Khaqan Abbasi on Thursday chaired a meeting of the Economic Coordination Committee (ECC).
The meeting reviewed the impact of Prime Minister’s Export Package towards boosting country’s exports. The package worth Rs 180 billion provides incentives to exporters of textile and non-textile sectors for enhancing their export potential. The meeting noted that the package has contributed significantly towards putting the country’s exports into a growth trajectory. The meeting also considered various proposals for expanding the scope of the Export Package and to include other sectors into its folds. The Prime Minister directed that a committee be constituted comprising of representatives of finance, commerce division and FBR to undertake a detailed analysis of the impact of package and also propose changes in scope and coverage of the package. The ECC noted the availability of 2.788 million metric tonnes of sugar in the country and authorize the Commerce Ministry to allow the export of 0.5 MMT sugar to sugar mills. The Prime Minister directed that Inter-Ministerial Committee, already existing for this purpose, should regularly review sugar stock, export and price mechanism and make recommendations to the ECC in case of any abnormal price increase in the domestic market.
The ECC also approved grant of extensions in the processing period of export of wheat/wheat products from 31st August 2017 to 30th October 2017.
The meeting also approved a proposal by the petroleum division to reallocate up to 15 MMCFD Jhal Magsi gas to M/s OGDCL and to allow its sale to any third party selected through competitive bidding process under a Term Gas & Purchase Agreement (GSPA) after fulfilling gas requirement of Jhal Magsi town.
Published in Daily Times, September 15th 2017.
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