Federal Minister for Finance and Revenue Mr Shaukat Tarin presided over a meeting of the Economic Coordination Committee (ECC) of the Cabinet today.
Federal Minister for Planning, Development & Special Initiatives Asad Umar, Federal Minister for National Food Security and Research Syed Fakhar Imam, Adviser to PM on Commerce and Investment Abdul Razak Dawood, Federal Secretaries, Governor SBP, Chairman Planning Commission and other senior officials attended the meeting.
Ministry of Industries and Production submitted a summary of the operation of Fatima Fertilizer (Sheikhupura Plant) and Agritech. The ECC after discussion approved the proposal for the provision of indigenous gas to two SNGPL based Urea plants latest by March 31st, 2022, resulting in the saving of funds to be utilized on the provision of RLNG to both these plants and continued operation throughout the year.
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The ECC was further directed to expedite the process of shifting the plants on system gas within one month. The ECC also approved a Technical supplementary grant of Rs. 16 billion for payment of SNGPL dues for the month of February and expected claims for the remaining months of March, April and May during the CFY 2021-22.
Ministry of Industries and Production submitted another summary on the provision of funds to Heavy Electrical Complex (HEC) to pay liabilities on account of markup to the Bank of Khyber (BoK). The ECC approved Rs. 23.309 million as markup for the period of October 2021 to March 2022.
Ministry of Commerce presented a summary of the Drawback of Local Taxes Scheme (DLTS) for the period 2021-26. The ECC after detailed discussion approved the revised/rationalized Drawback of Local Taxes Scheme (DLTS) for the period of five financial years from 1st July, 2021to to 30th June 2026.
The Scheme will be subject to quarterly/periodic reviews to gauge its impact on the export performance of sectors as well as exporting firms. The estimated financial impact will be Rs. 79.27 billion for FY 2021-22, however, actual claims till 30th June 2022 are estimated to be around 50 billion.
The ECC also approved the following Supplementary Grants:
a) Rs. 500 Million in favour of the Ministry of Federal Education and Professional Training for the National Commission for Human Development (NCHD).
b) Rs. 681.046 million in favour of the Ministry of Housing and Works.
c) Rs. 116.467 million in favour of the Interior Division.