ECC directs to accelerate efforts for wheat imports July 15, 2020

ECC directs to accelerate efforts for wheat imports July 15, 2020

ISLAMABAD-The Economic Coordination Committee has directed to accelerate efforts for wheat imports to ensure availability of the commodity and wheat flour in the country throughout the year on affordable price.

The ECC, which met in Islamabad today (Wednesday) with Prime Minister's Advisor on Finance Dr Abdul Hafeez Shaikh in the chair, gave these directions to Ministry of National Food Security and Research.

ECC also allowed Asian Development Bank to issue offshore Pakistan Rupee Linked Bonds for international investors subject to completion of all codal formalities. The program, according to the recommendation of State Bank of Pakistan, shall be restricted to maximum of 200 million dollars. The local currency proceeds of the Bonds shall be used for financing long term infrastructure and energy projects in Pakistan.

The meeting allowed Finance Division to release one billion rupees for Sui Southern Gas Company Limited for undertaking gas supply to localities and villages falling within five kilometres radius of gas fields in order to comply with Supreme Court and High court decisions.

ECC allowed equity investment abroad amounting to 22.5 million Saudi Riyals by Eastern Products Ltd. It also approved the increase of limit for investments abroad from five million to ten million dollars.

Five projects of different types of development works in North West Industrial Zone and South West Industrial Zone by Port Qasim Authority with their own funds were also approved.