Home General ECC approves Rs6.4bn for the elite technology zones authority

ECC approves Rs6.4bn for the elite technology zones authority

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ISLAMABAD: The Economic Coordination Committee (ECC) of the cabinet has approved Rs6.4 billion for the Special Technology Zones Authority (STZA) on Thursday.
Federal Minister for Finance and Revenue Shaukat Tarin presided over the ECC meeting, which considered and approved a technical supplementary grant (TSG) amounting to Rs6.4 billion in favour of Cabinet Division for the STZA during the current fiscal year 2021-22.
It is pertinent to mention that President Dr Arif Alvi approved the Special Technology Zones Authority Bill 2021 on Monday last and after his signature, the bill became an act.
The Ministry of National Food Security and Research (NFS&R) tabled a summary regarding allocation/release of 280,000 MT of wheat to the Utility Stores Corporation (USC) till December 2021. A quantity of 90,000 MT has already been provided as an interim arrangement whereas the remaining 190,000 MT will be provided from PASSCO’s stocks. The ECC approved the release of remaining 190,000 MT to USC to ensure smooth supply of wheat through a chain of USC outlets across the country.
The Ministry of National Food Security and Research (NFS&R) presented another summary to update the forum about the cotton seed prices during the months of August and September 2021. The domestic prices remained above the threshold set, barring a couple of days due to rains. The ECC expressed satisfaction that farmers are getting their due prices.
On one another summary moved by the Ministry for National Food Security and Research, the ECC recommended the allocation of a total quantity of 300,000 MT of wheat to the AJ&K government out of PASSCO stock during the current financial year. This includes 140,000 MT of wheat which has already been released to AJ&K by the Ministry of NFS&R as an interim arrangement. The ECC directed the referring division to provide wheat to AJ&K with the best possible combination of indigenous and imported wheat.
The Finance Ministry tabled the summary regarding incentives to overseas Pakistanis’ remitters under National Remittance Loyalty Program (NRLP) which has been branded as Sohni Dharti Remittance Program. The remitters will be awarded points against remittances sent by them to Pakistan through legal channels.
After due deliberations, the ECC recommended that the option of cash redemption may only be offered to those overseas Pakistani remitters who return to Pakistan permanently. However, Overseas Pakistanis shall be qualified to avail services (such as PIA ticket, mobile phone duty payment etc) against redemption of the accumulated points awarded under NRLP.
The ECC considered and approved the summary tabled by the Ministry of Overseas Pakistanis and HRD regarding annual budget for the FY 2021-22 & revised budget for the FY 2019-20 of the Employees Old-age Benefits Institution (EOBI).
Lastly, on a summary tabled by the Ministry of Commerce regarding export of tomatoes and onions, the ECC after detailed discussion, constituted a sub-committee headed by the finance minister to consider monthly projections regarding export of perishable commodities on basis of estimated production, consumption and surplus to be presented by the M/o Commerce. It was decided that the decision to export the above-mentioned vegetables will be taken by the sub-committee.
Minister for Planning Asad Umar, Minister for Industries and Production Khusro Bakhtiar, Minister of State for Information Farrukh Habib, Advisor to PM on Commerce Abdul Razak Dawood, Governor SBP Dr Reza Baqir, and other senior officers participated in the meeting. – TLTP