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ECC approves the procurement of 1.8 million metric tons of wheat through PASSCO.

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8 months ago

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Senator Muhammad Aurangzeb, the Federal Minister for Finance and Revenue, presided over the meeting, which evaluated and accepted proposals from several Government Ministries and Divisions.

The ECC approved increasing PASSCO’s wheat purchase objective from 1.4 million metric tonnes (MMT) to 1.8 MMT, plus an additional Rs 41.5 billion.

The permission would enable PASCCO to expand its current wheat buying campaign. The ECC also accepted the Ministry of Industries and Production’s application to import 200,000 MTs of Urea fertilizer to meet Kharif 2024 requirements.

Mr. Jam Kamal Khan, Minister for Commerce, Mr. Musadik Masood Malik, Minister for Petroleum, Mr. Abdul Aleem Khan, Minister for Industries & Production, Rana Tanveer Hussain, Chairman SECP, Dy Chairman Planning Commission, Federal Secretaries, and other senior government officials from the relevant ministries were present at the meeting.

Mr. Ahad Khan Cheema, Minister for Economic Affairs, and MD PASSCO both attended the meeting online.

The ECC also approved the Ministry of Industries and Production’s request to pay PSM workers’ salaries and asked it to submit a clear plan for the asset’s future use, including dates.

The committee also approved the Power Division’s request to release budgeted expenditures to settle tariff differential subsidy arrears of Rs. 70 billion for KE and Rs 55 billion for AJK.

The ECC approved a summary authorizing BISP to use funds from its assigned budget to finance the Special Relief Package for Daily Wage Workers on the Chaman Border, emphasizing the government’s support for the vulnerable population.

The ECC also considered and approved proposals for technical supplementary grants, including Rs. 4.8 billion for the Pakistan Atomic Energy Commission, Rs. 5.8 billion for the Earthquake Reconstruction & Rehabilitation Authority, Rs. 3.2 billion for the Finance Division, Rs. 162 million for the Ministry of Housing & Works, and Rs. 2.2 billion for the Ministry of Interior’s FATA TDP-ERP project.

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Maintaining Fertiliser Price Stability: The Need for a Continuous Gas Supply to the Fertiliser Sector

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6 days ago

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To guarantee fertiliser price stability, a cabinet committee meeting was presided over by Senator Muhammad Ishaq Dar, the deputy prime minister.

Senior government officials, including Industries Minister Rana Tanveer Hussain, attended the meeting.

The attendees received an update on the government’s, gas suppliers’, and fertiliser industry’s conversations. Additionally, the gas supply for the fertiliser sector was evaluated and determined to be adequate.

Throughout the Rabi cropping season, the Deputy Prime Minister ordered the fertiliser industry to maintain a continuous gas supply in order to guarantee steady production and stock levels.

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Fifth Straight Cut: PM Applauds SBP’s Policy Rate Reduction

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6 days ago

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Prime Minister Muhammad Shehbaz Sharif has praised the State Bank of Pakistan’s decision to lower its policy rate by an additional 2 percent, stating that the bank’s current 13 percent rate is encouraging for the nation’s economy.

He expressed optimism in a statement that the policy rate cut would encourage investment and further boost investor confidence in the country’s economy.

The prime minister said that decreasing the inflation rate also lowered the policy rate and that future inflation rate reductions will be even more pronounced.

Additionally, he expressed gratitude to the Federal Finance Minister and other officials for their work in this area.

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GHQ Attack Case: Prosecution Seeks Bail Cancellation of CM KP & Other Accused, Indicts 9 More

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6 days ago

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25 defendants, including PTI officials, have non-bailable arrest warrants issued by the Anti Terrorism Court of Rawalpindi for their failure to show up for court proceedings related to the GHQ attack case.

Judge Amjad Ali Shah added nine more suspects to the GHQ attack indictment list during today’s ATC Court sessions, bringing the total to 98.

Among the 61 defendants who appeared in court were Shah Mehmud Qureshi and the founder of the PTI.

Among those charged are Khadim Hussain Khokhar, Mehr Mohammad Javed, Chaudhary Asif, Zakir Ullah, Azeem Ullah, Shireen Mazatri, Major Retired Tahir Sadiq, and former MPA Rashid Hafeez.

A plea to cancel the bail of 23 suspects, including Chief Minister Khyber Pakhtunkhwa, has also been filed by the prosecution side.

In the GHQ attack, there were 119 accused in total.

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