The ECC meeting was held here at the PM office on Tuesday. Finance Minister, Ishaq Dar chaired the meeting.
On a proposal moved by Ministry of Commerce, the ECC allowed export of surplus sugar to the tune of 500,000 metric tons as recommended by the Ministry of Industries and Production with the condition that exports be made against irrevocable letter of credit or a firm contract with 15% non-refundable advance payment. Shipments be made within 45 days of the registration of contract; non-refundable advance payment shall be forfeited in favour of GoP in case of non-performance. Further, the quota as allocated must be exported by March 31, 2015.
The ECC approved imposition of 20% regulatory duty on import of sugar.
ECC gave permission for exports by land route in dollar terms to Afghanistan and beyond with a view to incentivize exports.
ECC while according approval for export of surplus sugar called upon the provincial governments concerned to ensure that mill owners pay all the dues to the sugarcane growers and that sugarcane crushing must start on time.
The ECC meeting today accorded formal approval for the wheat support price of Rs.1300 per 40 KG. The Finance Minister, Ishaq Dar had earlier given anticipatory approval for the same with a view to facilitating wheat farmers.
ECC also approved replacement of Mari Gas Company’s cost plus gas agreement with a market-oriented crude oil linked formula on the precedence of PPL for Sui and Kandhkot fields. It was also decided that 88% of the undistributable balance would be transferred to GoP as redeemable preference share capital after fulfilling all legal and corporate formalities while remaining 12% would be issued to General Public ensuring that their shares/interests in the company are fully protected.