Islamabad November 15 2023: Economic Coordination Committee after detail deliberation defer increase in prices of 262 drugs under hardship category against earlier recomendations and decided to formulize new plan.
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 a summary of the Ministry of National Health Services, Regulations, & Coordination regarding the “Approval of Increase in Maximum Retail Prices (MRPs) of 262 Drugs under hardship Category as recommended by DPC in its 56th and 57th Meetings.” The ECC, after detailed discussion and deliberation, asked the Ministry of National Health Services, Regulations & Coordination to come up by Tuesday next, 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 ECC also considered a summary submitted by the Ministry of Industries and Production for import of 200 KMT Urea fertilizer for the Rabi season. The ECC decided that the option of import of fertilizer through government-to-government arrangement 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 further considered and approved a summary submitted by Ministry of Energy (Petroleum Division) for provision of funds worth Rs. 423.726 million as technical supplementary grant for PSDP projects of the Petroleum Division.
The meeting was attended by Minister for Planning, Development, and Special Initiatives Mr. Sami Saeed, Minister for Commerce, Industries, and Production Mr. Gohar Ijaz, Minister for Privatisation Mr. Fawad Hasan Fawad, Minister for IT & Telecommunications Dr. Umar Saif, Minister for Power and Petroleum Mr. Muhammad Ali, Minister for Health Services, Regulation and Coordination Dr. Nadeem Jan, Minister for Planning, Development & Special Initiatives Mr. Sami Saeed, Advisor to PM on Finance Mr. Waqar Masood, Chairman SECP, Federal Secretaries, and other senior officers from the relevant ministries.