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ECC okays import of sugar, wheat

by Pakistan Latest News Update

ISLAMABAD: The Financial Coordination Committee (ECC) of the Cupboard on Wednesday permitted import of 200,000 tonnes of sugar and 400,000 tonnes of wheat and Rs24.555 billion supplementary grant for procurement of Covid-19 vaccines.

The assembly, presided over by Finance Minister Shaukat Tarin, waived duties on import of spray drones from China.

The ECC permitted import of 200,000 tonnes of sugar with quick impact by means of the Buying and selling Company of Pakistan (TCP) out of an already permitted amount of about 600,000 tonnes for strategic reserves to include value hike. The assembly was informed that 100,000 tonnes of sugar had already been imported whereas tenders for an additional 200,000 tonnes needed to be cancelled attributable to increased worldwide costs that labored out at about Rs102-103 per kg.

The secretary of the industries and manufacturing ministry briefed the ECC about earlier tenders floated for the acquisition of sugar within the worldwide market and the choice for cancellation of those tenders attributable to volatility within the costs of commodities within the worldwide market, significantly attributable to Covid-19 pandemic. He cited rising transportation value and petroleum costs as elements contributing to cost hike of meals commodities in worldwide market.

The finance minister determined to represent a sub-committee comprising the secretaries of industries, commerce, finance and legislation, to carry a consultative session and work out modalities for putting tenders in worldwide market in a well timed method to get most reasonably priced value for importing meals objects to avoid wasting treasured overseas trade reserves of the nation.

He additionally directed the authorities to current suggestions for bettering the general estimation course of for commodities’ costs by the provinces by means of forecasting on scientific foundation the place value danger was concerned. Correct estimates must be introduced for import of specific meals objects to fulfil all codal formalities in a well timed method, he harassed.

The committee directed the officers involved to exercise preparations for import of the remaining 300,000 tonnes of sugar by means of government-to-government mode of procurement on the earliest attainable to construct strategic reserves and guarantee easy provide of sugar throughout the nation earlier than the arrival of the contemporary sugarcane crop. Equally, the ECC additionally permitted the corresponding monetary association for the import of 200,000 tonnes of sugar by means of the TCP.

The assembly, on the advice of the Ministry of Nationwide Meals Safety and Analysis, permitted the import of 400,000 tonnes of wheat additionally for strategic reserves. It directed the officers involved to discover and expedite the choice for importing the remaining quantity of wheat by means of government-to-government association.

The ECC emphasised the significance of constructing strategic reserves within the wake of evolving state of affairs in Afghanistan which can have an effect on the costs within the home market.

The ECC additionally permitted a technical supplementary grant (TSG) of about Rs24.555bn ($150 million) to the Nationwide Catastrophe Administration Authority (NDMA) for procurement of Covid-19 vaccines, together with transportation and dealing with prices, to satisfy the goal of vaccination of 85m individuals by the top of present.

The ECC additionally permitted a request for a TSG by the NNDMA for extending humanitarian help to Syria within the type of meals objects. The ECC allowed procurement of 200 tonnes every of rice and flour value about Rs44.24m by means of the Ministry of Foreign Affairs.

The Ministry of Nationwide Meals Safety & Analysis introduced a abstract earlier than the ECC to waive off taxes and duties on the import of 12 drones donated by the Ministry of Agriculture and Rural Affairs of China for controlling desert locust in Pakistan. The committee permitted the abstract for exemption of all relevant duties and taxes.

The assembly additionally permitted one other TSG to the Ministry of Nationwide Well being Companies, Laws and Coordination amounting to Rs2.376bn for the Expanded Programme on Immunisation (EPI) for the FY 2021-22 because the EPI is a high-priority authorities initiative which goals to immunise greater than seven million kids beneath one-year of age towards 10 vaccine preventable ailments.

Revealed in Daybreak, August 26th, 2021

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