ECC approves Rs423m technical grant for Petroleum Division

ISLAMABAD: The Economic Coordination Committee (ECC) of the Cabinet on Wednesday approved Rs423.726 million technical supplementary grant (TSG) for the Public Sector Development Programme (PSDP) projects of the Petroleum Division.

The summary for the grant was presented by the Ministry of Energy (Petroleum Division) in the ECC meeting chaired by Caretaker Federal Minister for Finance, Revenue, and Economic Affairs Dr Shamshad Akhtar.

The ECC also 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 the hardship category as recommended by DPC in its 56th and 57th Meetings”.

After detailed discussion and deliberation, the committee 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 committee also considered a summary submitted by the Ministry of Industries and Production for the import of 200 KMT Urea fertilizer for the Rabi season.

The ECC decided that the option of importing fertilizer through government-to-government arrangement be explored in the first instance.

The committee 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.