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ECC Approves Increased Wheat Procurement Target and Other Key Economic Measures
Economic Coordination Committee greenlights higher wheat procurement target for PASCO, along with various other economic decisions to address key challenges.
ND
by News Desk
2024-05-08
ECC Approves Increased Wheat Procurement Target and Other Key Economic Measures

The Economic Coordination Committee (ECC) has approved a series of measures, including an increase in the wheat procurement target for the Pakistan Agricultural Storage & Services Corporation (PASCO) from 14 to 18 lakh metric tons.

 

Chaired by Federal Finance Minister Muhammad Aurangzeb, the ECC meeting also saw the participation of Minister for Economic Affairs Ahad Cheema and MD Pasco, where the decision was unanimously approved.

 

Additionally, the ECC sanctioned the import of 2 lakh metric tons of urea fertilizer to meet the country's requirements for 2024. The Ministry of Industry and Production was directed to continually assess the demand and supply situation of urea to ensure stability in the market.

 

Furthermore, the ECC granted approval for the payment of salaries to employees of steel mills and directed the Ministry of Industry to furnish a detailed plan, along with a timeline, for the future utilization of the mills' assets.

 

K Electric's request for the clearance of subsidy arrears in tariffs was also accepted, along with the release of Rs 70 billion. Moreover, Rs 55 billion was allocated for Azad Kashmir, while Rs 4.8 billion was approved for the Pakistan Atomic Energy Commission and Rs 5.8 billion for the payment of arrears to contractors of the Earthquake Reconstruction and Rehabilitation Authority.

 

Other notable decisions included the allocation of Rs 3.2 billion to the Finance Division for the Financial Inclusion and Infrastructure Project funded by the World Bank. Additionally, Rs 162.2 million was approved for the Ministry of Housing and Works, while Rs 2.2 billion was earmarked for the Ministry of Interior in the FATA TDP-ERP project.

 

The ECC's proactive measures signify a concerted effort to address various economic challenges and ensure sustainable growth and development in Pakistan.

 
Tagged:

Pakistan

Economy

ECC

WheatProcurement

UreaImport

FinancialInclusion
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