ECC allows sugar export of 1m tonnes

The Economic Coordination Committee on Tuesday paved way for various proposals to stimulate the industrial sector in the country.

The committee deferred a proposal regarding tariff rationalization for power sector on the request from the Finance and Power Divisions who sought for further time to deliberate the proposed revisions.

The decision came during a meeting of the Economic Coordination Committee of the Cabinet (ECC) on Tuesday, chaired by Finance Minister Asad Umar.

The ECC also approved a proposal from the Commerce Division for export of one million metric ton (1-MMT) surplus sugar.

The proposal outlined that only those Sugar Mills will be allowed to export sugar which has paid arrears to farmers for all the crops up to 2017-18.

It was discussed that an inter-ministerial committee will have fortnightly meetings to review sugar stock, export and price situation.

While shedding light to another proposal of Ministry of Commerce, the ECC accorded approval for revision of cess rates of tobacco for the year 2018-19 as determined by the Pakistan Tobacco Board— it may be added that prices of various types of tobacco are fixed every year and cess rates are also revised.

In consideration of issues over the transfer of shares of K-Electric, the ECC directed the immediate formation of a special committee comprising representatives from Finance, Power Division, Auditor General of Pakistan, Ministry of Petroleum, FBR to address on various issues relating the matter.

Earlier on September 3, the ECC had directed Privatization Division to deliberate upon the issues relating to the sale of K-Electric in consultation with Petroleum and Power Divisions.

In order to further facilitate the resolution of various issues, the formation of the special committee has now been ordered.

The ECC was given a detailed briefing by Ministry of Petroleum relating to the LNG Terminals.

The Committee directed the Ministry of Law to examine the legal agreements relating to the terminals to see whether the government could revisit the terms and conditions contained therein.

Taking notice of the sudden hike in cement price, ECC directed the Adviser on Industries to convene a meeting with representatives of the industry, apprise the Committee of the causes of the price increase and also suggest possible remedies.

ECC also approved a proposal from the Ministry of Defence Production for a Sovereign Guarantee to back the export of JF-17 Thunder Aircrafts by PAC Kamra.

Proposal to credit August salaries to Pakistan Steel Mill employees

The Committee approved the disbursement of Rs. 375 million on account of net salary for the employees of Pakistan Steel Mill for the month of August 2018, in response to a proposal submitted by the Ministry of Privatization.