ECC approves amendments to import policy order to reduce tractors’ cost

The Economic Coordination Committee (ECC) has approved amendments to Import Policy Order 2022 to reduce the cost of tractors in the country, reported 24NewsHD TV channel. 

Federal Finance Minister Ishaq Dar presided over the meeting of the Economic Coordination Committee (ECC) of the Cabinet on Tuesday. 

The Ministry of Commerce tabled a summary on the import of agricultural tractors under the Kissan Package 2022 and proposed amendments in Import Policy Order 2022 to reduce the cost of tractors. The ECC after deliberation approved the proposals of the ministry and allowed amendment in the relevant clause of the IPO 2022 for the import of up to 5-year-old tractors.

The ECC also allowed equity investment of $4.9 million by Fauji Foundation for the acquisition of 2,750,000 shares (18.64 percent stake) of Daharki Power Holdings Limited and granted waiver/exemption to Fauji Foundation from the policy enumerated in Foreign Exchange Manual.

 The Ministry of Energy (Power Division) submitted a summary. The ECC after discussion approved the proposals that indexation of tariff in the SPDs be on an annual basis and payment mechanism for settlement of invoices as per Framework Guidelines.

The Ministry of Energy (Petroleum Division) presented a summary for the assignment of the working interest in exploration licenses/blocks. The committee after discussion approved the assignment of 34 percent working interest of Pakistan Oilfields Limited (POL) and 6 percent of Attock Oil Company Limited (AOC) to Polskie Górnictwo Naftowe i Gazownictwo S.A. in Kirthar South Block, Sindh.

The committee also approved a number of supplementary grants and technical supplementary grants. It approved Rs. 300 million in favour of the Ministry of Energy (Power Division) for expenditures on development projects under PSDP. An amount of Rs. 12.462 million in favour of the Ministry of Housing and Works for the urgent repair and maintenance expenditures during the current fiscal year. Moreover, Rs. 1,000 million for the project Rehabilitation/Construction of Roads in SITE Industrial Estate Karachi was also approved by the committee.