Adviser To Prime Minister On Finance And Revenue, Dr. Abdul Hafeez Shaikh,chaired The Meeting Of The Economic Coordination Committee (ECC)

Adviser to Prime Minister on Finance and Revenue, Dr. Abdul Hafeez Shaikh,chaired the meeting of the Economic Coordination Committee (ECC) of theCabinet, here Wednesda

Islamabad (UrduPoint / Pakistan Point News - 17th July, 2019) Adviser to Prime Minister on Finance and Revenue, Dr. Abdul Hafeez Shaikh,chaired the meeting of the Economic Coordination Committee (ECC) of theCabinet, here Wednesday.A report on the wheat situation in the country waspresented in the ECC by Ministry of National Food Security and Research.

Itwas briefed during the meeting that adequate stocks of wheat are availablein the country to cater for the needs of the population. It was alsohighlighted that the procured quantity of wheat during this year is 33%less than the procured quantities of wheat during the corresponding periodsof last year.

The recent hike in prices of wheat and wheat flour is also apoint of concern. The ECC decided to impose a ban on export of wheat/wheatflour and also asked that a meeting of National Price Monitoring Committeemay be convened to suggest measures to control the price hike trend of�Roti' and other wheat products in the local market with the cooperation ofthe provincial governments.The ECC also approved National Fertilizer Marketing Limited (NFML) to fixthe Dealer Transfer Price (DTP) of 50 kg imported Urea Bag at Rs.1800 whichis Rs.166 less than the prevailing average market price of Sona Urea i.e.Rs.1966 per 50 kg bag.

The difference in Urea import price and approveddealer transfer price for NFML dealers has been estimated at Rs.937.92million; NFML has also been directed to ensure enforcement of this pricethrough coordination with provincial governments.The ECC allowed PIA Corporation Limited to make a re-appropriation in itsalready approved budget of Rs.24 billion for the upgradation of in-flightentertainment (IFE) system of its fleet for 8 Boeing-777 aircrafts.

Theproject will cost Rs.700 million. It was also briefed during the meetingthat the measures will improve the occupancy of the airline to 80 per centfrom the current level of 70 per cent.The ECC endorsed the decision of the Governing Council ofPakistan Bureau of Statistics to change the base of price statistics from2007-08 to 2015-16.

The new base 2015-16 of price statistics has thefollowing features:� Inclusion of rural market.� Introduction of population weight based on recent PopulationCenses 2017.� Computation of indices based on Weighted Geometric Mean.� Introduction of consumption quintiles instead of income quintiles.� Introduction of consumer weighted approach to compute gas pricesfor combined income group.� Introduction of GST, other taxes Fuel Price Adjustment to computeelectricity tariffs using consumer weighted approach.It was also decided that for the purpose of comparative analysis, the oldseries of 2007-08 will continue to be published for another year along withthe new series of 2015-16.

On the summary moved by Ministry of Commerce and Textile, it was decidedthat the scrap slag, ash and residues containing metals, arsenic or theircompounds (containing mainly Aluminum under PCT 2620.4000) may be movedfrom Appendix-A (Banned Items) to Appendix-B (Restricted Items) of theImport Policy Order, 2016.

However, in order to forestall the chances ofimport of hazardous waste, the import may be subject to the followingconditions:(i) Importable only by industrial consumer having recyclingfacilities, subject to NOC from Ministry of Climate Change and dulycertified by provincial Environmental Protection Agency (Federal EPA, incase of Islamabad Capital Territory).(ii) Provision of a pre-shipment Inspection Certificate andconsent of Focal Point of Basel Convention from the country of export tothe effect that the waste/scrap is non-hazardous as defined in the BaselConvention.(iii) The imported consignments of the registered recycling plantsshall be cleared from seaport only.The ECC also considered and approved the notification of Minimum IndicativePrices (MIP) of tobacco for year 2019-20.

As per section 8 of the PakistanTobacco Board Ordinance 1968, the MIP for different grades of various typesof tobacco are to be notified by the Federal Government. The followingprices were suggested for notification:*S.No.**TYPES OF TOBACCO**MINIMUM INDICATIVE PRICE PER KG FOR 2019-20 CROP*1.FCV Tobacco (Plain)Rs.190.632.FCV Tobacco (Sub-Mountainous)Rs.218.773.WP TobaccoRs.82.854.Burley TobaccoRs.150.545.DAC TobaccoRs.94.76The ECC also allowed that new PCT codes, as created in the Pakistan CustomsTariff through the Finance Act, 2019, may also be incorporated in SRO693(I)/2006 dated 01.07.2006 so that levy of additional customs dutycollected on those parts of Sport Utility Vehicles (SUVs) of enginecapacities 1001cc to 1500cc and 1501cc to 1800cc which have been localized,may be appropriately accounted for under separate PCT codes.The report on National Poverty Graduation Programme of US $ 82.60 millionwas also submitted for compliance of the ECC by the Secretary, EconomicAffairs Division.Among others, the meeting was attended by Minister for National FoodSecurity & Research, Sahibzada Muhammad Mehboob Sultan; Minister forPlanning, Development & Reform, Makhdoom Khusro Bukhtiar, Minister forPrivatization, Muhammadmian Soomro, Minister for Railways, Sheikh RashidAhmed, Adviser to PM on Commerce, Textile, Industry & Production andInvestment, Abdul Razak Dawood; Adviser on Institutional Reforms andAusterity, Dr.

Ishrat Hussain; SAPM on Petroleum, Nadeem Babar; GovernorState Bank of Pakistan, Reza Baqir and Chairman, Board of Investment,Zubair Gilani.