ECC approves Rs423.726m technical supplementary grant for Petroleum Division

The Economic Coordination Committee (ECC) of the Cabinet Wednesday approved Rs 423.726 million technical supplementary grant (TSG) for the Public Sector Development Programme (PSDP) projects of the Petroleum Division.

The summary for the grant was presented by the Ministry of Energy (Petroleum Division) in the ECC meeting chaired by Caretaker Federal Minister for Finance, Revenue, and Economic Affairs Dr Shamshad Akhtar, according to a Finance Ministry press release.

The ECC also considered a summary of the Ministry of National Health Services, Regulations, & Coordination regarding the “Approval of Increase in Maximum Retail Prices (MRPs) of 262 Drugs under the hardship category as recommended by DPC in its 56th and 57th Meetings”.

After detailed discussion and deliberation, the committee asked the Ministry of National Health Services, Regulations & Coordination to come up by Tuesday next, with well-informed and well-considered recommendations involving a proper and judicious analysis of the pricing mechanism.

The ECC also asked the ministry to engage with the provincial health departments and ensure the finalization of its recommendations in a rational, balanced and rule-based manner addressing the concerns of the industry and protecting the interests of the ailing consumers already facing inflationary pressures.

The committee also considered a summary submitted by the Ministry of Industries and Production for the import of 200 KMT Urea fertilizer for the Rabi season.

The ECC decided that the option of importing fertilizer through government-to-government arrangement be explored in the first instance.

The committee also decided to transfer the Entire Cash Credit Limit along with accrued markup to National Fertilizer Marketing Limited (NFML) with provinces to pick up the cost of import.

The meeting was attended by Minister for Planning, Development, and Special Initiatives, Sami Saeed; Minister for Commerce, Industries, and Production Gohar Ijaz; Minister for Privatisation Fawad Hasan Fawad; Minister for IT & Telecommunications Dr Umar Saif; Minister for Power and Petroleum Muhammad Ali; Minister for Health Services, Regulation and Coordination Dr Nadeem Jan; Advisor to the PM on Finance Waqar Masood, SCP chairman, federal secretaries, and other senior officers from the relevant ministries.