ECC approves release of 25,000 metric tons of wheat for GB

ISLAMABAD: The Economic Coordination Committee (ECC) has approved the immediate release of 25,000 metric tons of wheat to Gilgit-Baltistan (GB) to avoid the shortage in the region, ARY News reported on Tuesday.

The ECC met with Minister for Finance and Revenue Senator Ishaq Dar in the chair.

The ECC considered a summary of the Ministry of Kashmir Affairs and Gilgit-Baltistan on wheat supply to Gilgit-Baltistan (GB) and approved the immediate release of 25,000 metric tons to GB for the months of March and April 2023 to avoid shortage in the region, especially during the holy month of Ramazan.

Keeping in view the current wheat price, the ECC granted an additional amount of Rs2.9 billion through Technical Supplementary Grant to meet the urgent requirement of Gilgit- Baltistan.

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The ECC further directed the Ministry of KA&GB to submit a comprehensive plan for price rationalization in consultation with stakeholders concerned for consideration of the ECC within 30 days.

In other decisions, the Economic Coordination Committee (ECC) of the Cabinet approved a technical supplementary grant of Rs27 billion for Kuwait Petroleum Company.

The Ministry of Energy (Petroleum Division) submitted a summary of the credit facility from Kuwait and presented that the Government of Pakistan is utilizing a credit facility extended by Kuwait Petroleum Corporation (KPC) against the supply of Diesel Oil under the term contract with PSO since 2000 and the term contract is extended every year.

The PSO deposits the rupee equivalent with the National Bank of Pakistan (NBP) after 30 days from the bill of lading date of each shipment and NBP transfers the cargo cost to KPC, Kuwait.

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In the current situation, this account has witnessed huge exchange losses due to upheaval in the rupee-dollar parity during the last 12 months and the government is committed to covering these exchange losses.

Considering the above situation, the ECC approved an immediate technical supplementary grant of Rs. 27 billion for Kuwait Petroleum Company.

Minister for Power Khurram Dastgir Khan, Minister for Industries and Production Syed Murtaza Mahmud, Minister of State for Petroleum Musadik Masood Malik, SAPM on Finance Tariq Bajwa, SAPM on Revenue Tariq Mehmood Pasha, federal secretaries and other senior officers attended the meeting, said a press release.