ECC Approves Rs. 424 Million as Technical Supplementary Grant for Projects of Petroleum Division

Caretaker Federal Minister for Finance, Revenue, and Economic Affairs Dr Shamshad Akhtar chaired the meeting of the Economic Coordination Committee (ECC) today. The ECC considered and approved a summary submitted by the Ministry of Energy (Petroleum Division) for the provision of funds worth Rs. 423.726 million as a technical supplementary grant for PSDP projects of the Petroleum Division. The ECC considered a summary submitted by the Ministry of Industries and Production for the import of 200 KMT urea fertilizer for the Rabi season. The ECC decided that the option of importing fertilizer through government-to-government arrangements be explored in the first instance. The ECC also decided to transfer the Entire Cash Credit Limit along with accrued markup to National Fertilizer Marketing Limited (NFML) with provinces to pick up the cost of import. The ECC also considered a summary of the Ministry of National Health Services, Regulations, & Coordination regarding the approval of an increase in maximum retail prices (MRPs) of 262 drugs under the hardship category as recommended by DPC in its 56th and 57th Meetings. The ECC, after detailed discussion and deliberation, asked the ministry to come up by next Tuesday, with well-informed and well-considered recommendations involving a proper and judicious analysis of the pricing mechanism. The ECC also asked the ministry to engage with the provincial health departments and ensure the finalization of its recommendations in a rational, balanced, and rule-based manner addressing the concerns of the industry and protecting the interests of the ailing consumers already facing inflationary pressures. The meeting was attended by Minister for Planning Sami Saeed, Minister for Commerce Gohar Ijaz, Minister for Privatization Fawad Hasan Fawad, Minister for IT Dr Umar Saif, Minister for Power Muhammad Ali, Minister for Health Dr Nadeem Jan, Advisor to PM on Finance Waqar Masood, Chairman SECP, Federal Secretaries, and other senior officers from the relevant ministries.