ECC takes important decisions on business and economy

ECC takes important decisions on business and economy

ISLAMABAD (APP): The Economic Coordination Committee of the Cabinet (ECC) considered and approved the export of 100,000 metric tons Calcium Ammonium Nitrate (CAN) on the recommendation of the Fertilizer Review Committee, chaired by Secretary Ministry of Industries and Production.

The Federal Minister for Finance Senator Mohammad Ishaq Dar chaired the meeting of the ECC here at the Prime Minister's Secretariat on Monday.

The Committee observed that there was sufficient quantity of CAN available in the country and allowed its export subject to the condition that manufacturers would not increase domestic price and would provide an end user certificate that CAN would be used for agriculture purposes only.

In order to discourage the import of wheat in the country, ECC approved the proposal sent by Ministry of National Food Security and Research to increase the regulatory duty on the import of wheat from 40 per cent to 60 per cent.

The decision was taken to protect the local farmers from the impact of falling international wheat prices.

The ECC also approved extension of reduced withholding tax rate of 0.4 per cent for non- filers under Section 236P of Income Tax ordinance 2001 up to December 31, 2016.

The ECC also granted approval for initiation of negotiation between Bank Markazi Jomhouri Islamic Iran and State Bank of Pakistan on signing of Agreement regarding Banking and Payment Arrangements (BPA).

Further, the ECC gave approval for reducing re-lending rate of foreign loans for Federal Government Department, like NLC, Civil Aviation Authority etc, Autonomous bodies, and DFIs by 3 per cent as compared with the re-lending rate approved in the Re-lending Policy of 2009.

The ECC also decided that the re-lending policy would again review after a period of 3 years.

Finally, on a previous summary presented by the Ministry of National Food Security and Research seeking approval for import of 25,000 metric tons of gram pulse, the ECC considered a report submitted by Chairman Board of Investment and decided that the Federal Government should not intervene and the Provincial Governments may be advised to fix retail prices and force those through food inspectors. Further, permission was given for scoping tenders by Trading Corporation of Pakistan (TCP).