ISLAMABAD: In order to revive and strengthen the shipping sector of Pakistan, the Economic Coordination Committee (ECC) approved, in principle, the proposal of Ministry of Maritime Affairs to provide tax relief on import of ships.
[the_ad id=”31605″]The committee directed the ministry to make substantial changes to the proposals before submitting them to the cabinet for final approval.
Adviser to Prime Minister on Finance, Revenue and Economic Affairs, Dr. Abdul Hafeez Shaikh, chaired a meeting of the Economic Coordination Committee (ECC) of the Cabinet to consider various proposals of Ministries/Divisions.
The Secretary, Ministry of National Food Security & Research updated the meeting about the availability of wheat stock in the country. He informed that 28 million tons of wheat stock was available against the total national requirement of 25.84 million tons.
The Committee deliberated upon the proposal of the Ministry to impose ban on export of wheat and referred the matter to the Constituted Committee of the ECC to make its recommendations in this regard. Power Division briefed the Committee about cash and non-cash settlement for power sector.
The ECC resolved the issue of Industrial Support Package (ISP) by adjusting it against the loans receivable from Power Sector entities. It formed a Committee, comprising of senior representatives from Power, Finance & Economic Affairs Divisions, to address the issue of ISP.
Regarding K-electric, the Committee directed that the ISP claim of K-electric, amounting to approximately Rs 30 billion, may be looked into and solid recommendations be made.
The ECC also resolved the long standing issue with regard to payment of subsidized power supply to AJK by way of cash and non-cash settlement with no financial impact on AJK.
Committee also approved Technical Supplementary and Supplementary Grants for different Ministries/Divisions.