ECC Approves Ramazan Package
Wednesday, August 19, 2009 at 11:51 am
PAKISTAN, ISLAMABAD: The Economic Co-ordination Committee of the Cabinet (ECC) has abolished 25 percent regulatory duty on import of potatoes with a view to ensure its availability during Ramazan and to discourage hoarding for creating artificial price hike.
A special meeting of the ECC, chaired by Minister for Finance Shaukat Tarin here on Tuesday approved ‘Ramazan Package’ in compliance with the directives of the Prime Minister to ensure availability of essential commodities at affordable rates in Ramazan.
The meeting decided that the Utility Stores Corporation (USC) would sell 100,000 tons sugar through its outlets, instead of the normal sale of 40,000 tons per month, at Rs 38 per kg during Ramazan. To facilitate it, extra sugar will be released from imported stocks. This will be equivalent to one-third of total consumption of the country of white sugar and should effectively check price escalation.
As part of the ‘Ramazan Package’, instead of the agreed 100,000 tons of atta, at Rs 2/kg less than the market, 150,000 tons will be sold through Utility Stores outlets. Similarly, instead of the agreed upon 30,000 tons of ghee/oil, 50,000 tons would be made available @ Rs 91/kg ie at a differential of Rs 20/kg against the market price of ghee. The ECC waived the condition of presentation of ID card for purchasing items from USC.
The ECC also approved implementation of Combined Cycle Project at Guddu by Genco-II under the management of Pepco, at the EPC price of $602 million. The meeting also authorised the Genco-II/Pepco to enter into contract with HPE, after fulfilling codal formalities, and undertake financing of project through banks’ best offer in consultation with the Finance Division and Economic Affairs Division. It was decided that the Ministry of Finance would provide the requisite guarantee, on behalf of the Government of Pakistan, for the credit facility of the project.
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