ECC okays fixation of retail prices of 25 new drugs

ISLAMABAD: The Economic Coordination Committee (ECC) on Monday approved the fixation of Maximum Retail Prices (MPRs) of Twenty-Five (25) new drugs.

The cabinet committee meeting was chaired by Finance Minister Senator Mohammad Ishaq Dar, according to a press statement issued by the finance ministry.

Ministry of National Health Services, Regulations, and Coordination submitted a summary regarding the fixation of MRPs of 26 new drugs.

Ministry of National Food Security and Research submitted a summary for allocation of Pakistan Agricultural Storage and Services Corporation (PASSCO’s) wheat amongst recipient agencies/ provinces /areas for the year 2023-24 and informed that the recipient agencies have made their demand of 2,488,000 MT for the food year 2023-24.

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The ECC after discussion allowed the allocation of wheat amongst the recipients at 50% local and 50% imported on the weighted average price of the stock.

The ECC directed that all recipients would pay the full price of wheat and incidental charges of PASSCO as there would be no financial liability on the part of the federal govt for the supply of the wheat to the respective provinces/entities.

The ECC directed the provincial governments to pay the pending liabilities of Rs. 149 billion of PASSCO before signing a Memorandum of Understanding (MoU) for the procurement of wheat for the current year.

Accordingly, the ECC considered and approved a summary of the Ministry of Industries and Production regarding amendments in the EPZA Rules, 1981, and EPZs ( Control of Entry and Exit of Persons and Goods) Regulations, 1994, to allow the import of construction material from tariff area into EPZs of Northern region (Sialkot, Gujranwala and Risalpur) as well as all future EPZs in local currency instead of foreign convertible currency for their speedy colonization and achievement of optimum export targets, with condition that this relaxation would be for locally manufactured products by Pakistani entrepreneurs for a period of next five years.

Power Division submitted a summary for approval of the commissioning of 1263 MW CCPP- Punjab Thermal Power (Pvt) Limited Jhang.

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Meanwhile, the ECC after discussion approved the proposal of deferment of performance tests on HSD as required by the Govt of Punjab and declaration of Commercial Operation Date (COD) of Punjab Thermal Power (Pvt) Limited on RLNG upon successful completion of Commissioning Test testing on RLNG; and in case of non-availability of RLNG fuel, PTPL shall be treated on forced outages under the PPA till the successful testing of the power plant on HSD fuel.

Petroleum Division submitted a summary regarding the allocation of condensate to Attock Refinery Limited and its freight charges adjustment through IFEM. The ECC after discussion approved the proposal and allowed the reallocation of 5,000 BPD condensate to ARL from UEPL’s Naimat Facility.

The ECC also approved Technical Supplementary Grants (TSG) of Rs, 47,149 million in favor of the Ministry of Housing and Works for the execution of development schemes under the SDGs Achievement Program (SAP) in Punjab, Sindh, Baluchistan and KPK provinces.

Rs. 10 billion as TSG in favor of PM’s Youth Business & Agriculture Loan Scheme (PMYB&ALS) surrendered from PM’s Youth Program for small loans.

ECC also approved TSG of Rs. 2,725 million in favor of the Power Division for the execution of development schemes of Punjab, Sindh, KPK, and Baluchistan provinces under the Sustainable Development Goals Achievement Program (SAP) and
Rs. 1,016.000 million was approved in favor of the Petroleum Division for the execution of gas schemes in Punjab province under SAP.

The meeting was attended by Federal Minister for Commerce Syed Naveed Qamar, Federal Minister for Power Khurram Dastgir Khan, Federal Minister for Climate Change Senator Sherry Rehman, Federal Minister for Industries and Production Makhdoom Syed Murtaza Mehmmod, Minister of State for Petroleum Musadik Masood Malik, SAPM on Finance Tariq Bajwa, Coordinator to the PM on Economy Bilal Azhar Kayani, Federal Secretaries, and other senior officers also attended the meeting.