ECC reviews economic situation

Wheat exports to be abolished by Pakistan, decision reached in ECC moot

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ISLAMABAD
The Economic Coordination Committee of the cabinet, which met in Islamabad on Wednesday under the chair of Advisor to Prime Minister on Finance and Revenue, Dr Abdul Hafeez Shaikh, has imposed ban on export of wheat and wheat flour.
The committee also directed for convening the meeting of National Price Monitoring Committee to suggest measures for controlling price-hike trend of ‘Roti’ and wheat products in the local market with the cooperation of the provincial governments.
The Ministry of National Food Security and Research presented a report before the committee on wheat situation, highlighting that adequate stocks were available in the country to cater for the needs of the population.
The committee approved the National Fertilizer Marketing Limited to fix the Dealer Transfer Price of 50 kg imported Urea bag at one thousand and eight hundred rupees, which is one hundred and sixty-six rupees less than the prevailing average market price of Sona Urea.

The ECC allowed PIA Corporation Limited to make a re-appropriation in its already approved budget of twenty-four billion rupees for the upgradation of in-flight entertainment system of its fleet for eight Boeing-777 aircraft.
The ECC also considered and approved the notification of Minimum Indicative Prices of tobacco for the current fiscal year. The report on National Poverty Graduation Programme of 82.60 million US Dollar was also submitted for compliance of the ECC by the Secretary Economic Affairs Division.
A meeting of the Economic Coordination Committee (ECC) had been underway with Adviser to Prime Minister on Finance Abdul Hafeez Shaikh in chair which has decided to halt wheat export for the foreseeable future. The ECC in a meeting reviewed overall economic situation of the country and presented their solutions and ideas to end the economic crunch.

The ECC session deliberated upon the continuation of wheat export or imposition of a ban on the practice and decided upon the latter. It is pertinent to mention here that the Ministry of National Food Security and Research had recommended imposing ban on the export of wheat.

Earlier, The All Pakistan Flour Mills Association (APFMA) on July 16 withdrew countrywide strike call after the elimination of 17 percent Sales Tax (GST) by Federal Board of Revenue (FBR) on various products of wheat.

The notification of 17 percent GST elimination on the wheat brain has been issued by FBR in this regard. Earlier APFMA has announced to observe countrywide strike on July 17 (Wednesday) against the imposition of 17 percent sales tax (ST) on various products of wheat. The Millers association will halt the supply of flour to all mills on Wednesday, said Chairman All Pakistan Flour Mills Association.

Flour mills chairman said that government has imposed |Sales Tax on the wheat brain due which the price of per bag flour will go up by Rs40. The GST on the wheat brain will make our businesses unviable that’s why we have decided to go on strike against all these steps taken by the government in the budget for 2019-20, he added.

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