ECC approves extending Defence Credit Line Facility of $50 mln to Sri Lanka

Federal Minister for National Food Security and Research Syed Fakhar Imam, Federal Minister of Planning, Development and Special Initiatives Mr. Asad Umar, Federal Minister for Industries and Production Makhdoom Khusro Bakhtiar, Federal Secretaries and senior officers attended the meeting.

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Islamabad: Minister for Finance and Revenue Mr. Shaukat Tarin presided over Economic Coordination Committee (ECC) of the Cabinet, today. Federal Minister for National Food Security and Research Syed Fakhar Imam, Federal Minister of Planning, Development and Special Initiatives Mr. Asad Umar, Federal Minister for Industries and Production Makhdoom Khusro Bakhtiar, Federal Secretaries and senior officers attended the meeting. ECC discussed in detail a summary presented by Ministry of Industries and Production regarding uninterrupted supply of oxygen gas in the country for medical purposes and approved duty and tax exemption to products/goods i.e oxygen gas, oxygen gas cylinder and cryogenic oxygen tanks for health sector up to June 2022 to cope with the fifth wave of Covid in the country. ECC also considered and approved a summary submitted by Finance Division on expansion of Kamyab Pakistan Programme throughout Pakistan. The ECC after deliberation on a summary presented by Ministry of Industries and Production on fixation of imported Urea price and approved the cost estimates for import of Urea amounting to Rs. 12.345 billion on cost sharing basis among the Federal and Provincial Governments on 50:50 basis. The ECC also considered and gave principal approval on a summary presented by Ministry of Defence Production for extending the Defence Credit Line Facility of USD 50 Million to Sri Lanka to enhance bilateral defence and security cooperation. The Ministry of Industries and Production submitted a summary on grant of arrival/priority berthing of TCP’s Urea vessels at Karachi Port Trust (KPT). Considering the urgent requirement of Urea in the country, the ECC approved the proposal. The ECC also considered and approved a number of proposals of Supplementary/Technical Supplementary Grants submitted by different Ministries/Divisions. Federal Minister on Finance and Revenue Mr. Shaukat Tarin held a meeting with delegation of Pakistan Pharmaceuticals Association headed by its chairman Mr. Qazi M. Mansoor Dilawar at Finance Division. Chairman PPMA shared about the problems being faced by the Pharmaceutical manufacturers particularly the concerns pertaining to refund of sales tax. These unresolved matters result in unnecessary delays and thus impact overall working efficiency of PPMA. Furthermore, they requested for the resolution of the mentioned issues. Federal Minister on Finance and Revenue Mr. Shaukat Tarin commended the contribution of pharmaceutical manufacturers. It was accredited that this sector has substantial role in the economic development of the country. He assured that all such reservations of PPMA will be resolved at the earliest time possible. The Finance Minister further directed FBR to carry out all possible measures for settlement of the issues of the pharmaceutical industry. The PPMA delegation thanked the Finance Minister for ensuring the full support for resolution of their issues.

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