ECC refers proposal regarding wheat export ban to new committee
Last updated on: 19 June,2019 06:15 pm
ECC informed about 28 mil tons of wheat stock against the national requirement of 25.84 mil tons.
ISLAMABAD (Dunya News) – Financial Advisor to Prime Minster Dr Abdul Hafeez Shaikh presided over the session of Economic Coordination Committee (ECC) of the Cabinet on Wednesday and referred the proposal pertaining to imposing ban on the export of wheat to newly-formed commitee.
The Secretary, Ministry of National Food Security & Research updated the ECC about the availability of wheat stock in the country and informed that 28 million tons of wheat stock was available against the total national requirement of 25.84 million tons.
The Committee deliberated upon the proposal of the Ministry to impose ban on export of wheat and referred the matter to the Constituted Committee of the ECC to make its recommendations in this regard.
According to sources, 97 suggestions were presented to the Committee for Technical Supplementary and Supplementary Grants for different Ministries/Divisions which were approved, a report on the available reserves of wheat was also presented in the session whereas confidence was shown on the situation of wheat in the meeting.
According to Dunya News, ECC also announced to tighten the noose around those having black money in the form of bonds whereas registration of Rs40,000 prize bonds was also approved in the session.
Government took another step against money laundering by announcing the ban of Rs40,000 bonds before and decided that the central bank would issue rules and regulations for the registration of prize bonds.
After September 30, these prize bonds would be of no use. The State Bank sources said the prize bonds of Rs40,000 sold till now worth Rs 260 billion total.
According to Press Information Department‘s (PID) press release, the ECC resolved the issue of Industrial Support Package by adjusting it against the loans receivable from Power Sector entities. Regarding K-electric, the Committee directed that the ISP claim of K-electric, amounting to approximately thirty billion rupees, may be looked into and solid recommendations be made.
The ECC also resolved the long standing issue with regard to payment of subsidized power supply to AJK by way of cash and non-cash settlement with no financial impact on AJK.
In order to revive and strengthen the shipping sector of Pakistan, the ECC approved provision of tax relief on import of ships.