Islamabad November 22 2021: The Economic Coordination Committee (ECC) discussed the summary tabled by Ministry of Energy for revision of OMCs and dealers margins on petroleum products- Motor Spirit (MS) and High Speed Diesel (HSD) with effect from forthcoming revision in oil prices.
The Sub Committee desired that the summary may be tabled in the next meeting after soliciting comments and views from all the members of the committee.
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SBP Increased Overnight Reverse Repo Rate To 9.75 Percent
Mr. Omar Ayub Khan, Federal Minister for Economic Affairs presided over the meeting of Economic Coordination Committee (ECC) of the Cabinet, today.
Advisor to the Prime Minister on Finance & Revenue Mr. Shaukat Tarin, Federal Minister for National Food Security & Research Syed Fakhar Imam, Federal Minister for Industries & Production Makhdum Khusro Bakhtyar, Federal Minister for Energy Mr. Hammad Azhar, Federal Minister for Privatization Muhammad Mian Soomro, relevant Federal Secretaries and other senior officers attended the ECC meeting.
The ECC deliberated in detail and recommended the summary presented by the Ministry of National Health Services, Regulation & Coordination for grant of Custom duty and taxes exemption on the donations of Personal and Protective Equipment (PPE) testing laboratory equipment by USAID funded programme- Promoting Quality of Medicine Plus (PQM+).
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CPPA has sought Rs 4.75 per unit increase in power tariff
On two summaries tabled by Ministry of National Food Security & Research related to Award of Seventh International Wheat Tender 2021-22 opened on 25th October, 2021 and Award of Eighth International Wheat Tender 2021-22 opened on 4th November, 2021, the ECC after due deliberation recommended the proposal regarding scrapping of the 7th tender offered by the TCP and floating of fresh tender. The Committee also recommended the proposal for cancellation of 8th international tender for import of Wheat on the basis of higher prices. The Committee further directed the Ministry of National Food Security & Research to re-assess the need and requirement of neighbouring country Afghanistan for Wheat.
The ECC recommended the summary tabled by Ministry of Communication for special allocation of funds Rs. 6,000 Million to initiate the process for improvement and rehabilitation program of Balkassar – Mianwali (N-130) and Mianwali – Muzaffargarh (N-135) roads.
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SBP raised minimum deposit rate by 1.5% on saving accounts
The Committee also deliberated in detail and recommended funds for payment of salaries to the employees of Heavy Electrical Complex (HEC) and mark up to Bank of Khyber with directions to finalize the privatization of HEC by Mid- January 2022. The ECC recommended the summary presented by Ministry of Commerce for elimination/reduction of tariffs on various items currently being imported from Afghanistan as goodwill gesture.
