Economic Coordination Committee of the Cabinet takes important decisions including raise in Wheat Support Price

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Economic Coordination Committee of the Cabinet takes important decisions including raise in Wheat Support Price

ISLAMABAD - The Economic Coordination Committee (ECC) of the cabinet Wednesday enhanced the wheat support prices to Rs1400 per 40 kilogram.

The ECC, which met here under the chairmanship of Adviser to Prime Minister on Finance and Revenues, Hafeez Shaikh also convened a special session tomorrow afternoon to discuss a detailed plan to keep the flour prices at the lowest possible level throughout the year.

The step has been taken keeping in view of any increase in support price and incidental charges for supply of Pakistan Agricultural Storage and Services Corporation (PASSCO) procured wheat to provinces and allied issues related to procurement of wheat by provinces and the private sector.

The committee approved a proposal by Power Division for a special relief package of Rs20 billion to further continue provision of subsidized electricity until June 2020 to five export-oriented sectors.

The ECC also approved a proposal by Ministry of Energy (Power Division) related to two amendments aimed at providing ease of doing business to upstream petroleum sector.

The amendments are related to extension of exploration licences beyond two years by ECC rather than the Minister in Charge of Petroleum Division and creation of a new Zone-1 (F) for onshore licensing regime and consequent revision in the Zonal Map.

The ECC also okayed National Telecommunication Corporation’s revised budget estimates for 2018-19 and 2019-20.

The ECC also gave in principal approval to a proposal for SAR 22.5 million equity investment abroad by Eastern Products Pvt (Ltd) Pakistan.

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