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Economic Coordination Committee of Cabinet meets under Ishaq Dar

Islamabad, March 21, 2014 (PPI-OT): The ECC of the Cabinet met here today under the Chairmanship of the Federal Minister for Finance, Revenue, Statistics, Economic Affairs and Privatization, Senator Mohammad Ishaq Dar. The ECC took the following decisions:

The ECC discussed and approved the summary of Ministry of Industries and Production for payment of the salaries for the months of December 2013 and January 2014 to the Pakistan Steel Mills employees. ECC was also informed that the impact on public exchequer for payment of two months salaries will be Rs.960 million. Finance Minister has also directed Privatization Commission to bring proposal for restructuring Pakistan Steel Mills in the next ECC meeting.

ECC also approved the proposal of the Revenue Division for dismantling of unserviceable confiscated tempered vehicles. The body parts of these vehicles will be put up for auction. ECC also agreed to the proposal that all confiscated tempered vehicles of the make before 1990 shall be deemed to be fit for dismantling.

Whereas, vehicles with later vintage will be dismantled after conclusion of the Committee headed by Additional Collector Custom that the vehicle is unserviceable. The dismantling of the unserviceable tampered vehicles will be made under supervision of the Committee in a transparent manner and chassis number will be made unusable. The ECC also agreed that no NOC for transfer of scrapped vehicles will be issued to anybody including Excise and Taxation or Motor Registration Authorities.

The ECC considered and approved the summary of Ministry of Petroleum and Natural Resources for reimbursement of crude transportation cost on High Speed Diesel (HSD) to PARCO from Inland Freight Equalization Margin (IFEM) with the direction that OGRA will take into account this factor with effect from April 1, 2014.

It may be mentioned that ECC in its earlier meeting held on 15th October, 2010 approved deregulation of fixation of prices of all petroleum products excluding HSD. The ECC in its meeting held on 4.9.2012 deregulated the fixation of ex-refinery price of HSD. However, Crude transportation cost to PARCO is being reimbursed for all POL products excluding HSD from IFEM. In order to remove that anomaly, ECC approved uniform application of the principle applicable for other deregulated POL products.

The ECC constituted a five-member Committee headed by Finance Secretary and includes Secretaries of the Ministries of Food Security, Industries and Production, Water and Power and Petroleum and Natural Resources to determine the factors which are hindering production of fertilizers upto the full capacity of the local industry.

The Committee will present its report in the next ECC meeting that whether the government should undertake import of fertilizer or the demand could be met from local industries for Kharif Season (April-September 2014).

The ECC was informed that keeping in view the demand and local production there is a need to import 0.1705 million tons of fertilizer by TCP. In addition to above Planning Commission had recommended that 0.2 million tons of urea fertilizer may be required for maintaining strategic reserves.

The meeting was attended by Mr. Zahid Hamid, Minister for Science and Technology, Engr. Khurram Dastagir Khan, Minister for Commerce, Mr. Sikandar Hayat Bosan, Minister for National Food Security, Mr. Ghulam Murtaza Khan Jatoi, Minister for Industries and Production, Mr. Abbas Khan Afridi, Minister for Textile Industry, Mr. Muhammad Zubair, Chairman Privatization Commission, Federal Secretaries and senior officials.

For more information, contact:
Haji Ahmed Malik
Principal Information Officer
Press Information Department (PID)
Tel: +9251 925 2323 and +9251 925 2324
Fax: +9251 925 2325 and +9251 925 2326
Email: piopid@gmail.com

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