ECC recommends uniform gas price for fertilizer plants

Islamabad: Economic Coordination Committee (ECC) on Wednesday recommended uniform gas price for fertilizer plants, and decided the revision of sale price should be consistent with revenue requirements of the Sui companies.

The decision to this effect came at a meeting under the chair of Caretaker Finance Minister Dr. Shamshad Akhtar in Islamabad today.

The Committee directed the Competition Commission of Pakistan to investigate the undue increase in urea price during recent past and fix the responsibility.

Moreover, the ECC approved the proposal of Federal Board of Revenue regarding "Rationalization of Criterion of Enhanced Rate of 25 percent Sales Tax on Locally Manufactured and Assembled Vehicles after detailed discussion.

On a summary presented by the Ministry of Commerce regarding amendments in Import and Export of Precious Metal Jewelry and Gemstones Order, 2013" and "Import Policy Order 2022, the Committee directed that a committee comprising of representatives of Ministry of Commerce, Law, FBR and SECP may formulate detailed proposals for this export oriented policy reform targeting opening up of the service sector.

The committee further approved the proposal of signing of Share Subscription Agreement between National Credit Guarantee Company Limited, Karandaz and the Government of Pakistan through Ministry of Finance.

The ECC also gave approval of the summary of Intelligence Bureau for "Provision of Additional Funds worth 125 million rupees during the Current Financial Year to meet the increasing requirements of Bureau vis-a-vis operations against terrorists and anti-state elements.

Meanwhile, the summary of Finance Division regarding "Approval of Technical Supplementary Grant for Provision of Rupee Cover for Remaining Funds amounting to over 7.6 billion rupees of 1st Tranche of Credit Lines worth 85 Million dollars obtained from the World Bank" was also approved by ECC.