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Hafeez Shaikh to chair ECC meeting tomorrow  

ISLAMABAD: Adviser to Prime Minister on Finance and Revenue Abdul Hafeez Shaikh will chair a meeting of the Economic Coordination Committee (ECC) on Wednesday (tomorrow), ARY NEWS reported.

The meeting would mull over a five-point agenda including the tabling of a summary from the ministry of commerce and industry clarifying the decision to export sugar.

A task force will also submit a report on employment of overseas Pakistanis abroad while a summary detailing dues of upto Rs 1.69 billion incurred on import of LNG would also be presented by Pakistan State Oil (PSO) during the meeting.

The meeting would also mull over supplementary grants to be provided to the Federal Board of Revenue (FBR) and Islamabad administration.

During the last meeting of the ECC on March 12, the Economic Coordination Committee (ECC) on Thursday announced to fix wheat support price at Rs 1400 per 40 kilogram.

The announcement was made in a handout detailing the decisions taken during a special meeting of the top decision-making body, chaired by Adviser to Prime Minister on Finance and Revenue Abdul Hafeez Shaikh.

The committee decided to form a high-level monitoring group, comprising of ministers and advisers from food security, railways, economic affairs and petroleum, for the wheat purchasing process.

Read More: ECC slaps ban on sugar export to stabilize domestic prices  

The group would work with the provinces and Pakistan Agricultural Storage and Services Corporation (PASSCO) for making the purchasing process easier. During the meeting, the PASSCO officials briefed the committee over purchasing 1.8 million tons of wheat.

The meeting also mulled over the ongoing decline in petroleum prices globally and it was decided to transfer the advantage to masses.

It was decided to defer the approval of the Competition Commission Of Pakistan budget for the next meeting while a grant of Rs 12.8 million was approved for Inter Board Committee of Chairmen (IBCC).

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