ECC approves import of 50,000 MT of sugar

ECC approves import of 50,000 MT of sugar

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Islamabad: The Cabinet Economic Coordination Committee (ECC) approved the import of 50,000 tons of sugar on Thursday to maintain sufficient stocks in the country.

According to a press release issued by the Ministry of Finance, ECC approved the import of sugar in 03 separate bids, 50,000 tons per bid, in order to have more participation and competition when international prices fall. Finance Minister Shaukat Tallinn presided over the meeting of the Cabinet Economic Coordinating Committee (ECC).

Secretary, M/o Industries and Production, Jawwad Rafique Malik briefed the Committee about availability of sufficient stocks of sugar. He further apprised about the steps being taken to import sugar for building strategic reserves.

The Committee further emphasized to ensure smooth supply of sugar throughout the country and directed to initiate crushing by sugar mills in the beginning of November, 2021 as done last year.

Finance Division presented an updated summary regarding Kamyab Pakistan Program (KPP) before ECC. The program has been streamlined in consultation with stakeholders to disburse micro credit for uplifting marginalized segments of the society.

KPP has five components namely Kamyab Karobar, Kamyab Kissan, Naya Pakistan low-cost Housing, Kamyab Hunarmand and Sehatmand Pakistan. Under the first 03 components, micro-loans shall be disbursed among eligible persons registered with Ehsaas through National Socio-Economic Registry (NSER) who have family income of upto Rs.50,000 per month.

The last two components of KPP will be integrated with the existing programs. KPP is aimed to integrate with Government’s ongoing skill development program for imparting educational and vocational training.

The government will provide MFP with a 10% first loss guarantee and a 50% guarantee to wholesale lenders (WLs) on the basis of equal equity/risk sharing.

In the first phase, KPP will be launched in the poorest regions of Balochistan, Khyber Pakhtunkhwa, Gilgit-Baltistan, AJK, Sindh and Punjab. KPP will eventually expand to the entire Pakistan.

In terms of implementation, the digital portal Kamyab Pakistan Information System (KPIS) is being established, which is fully integrated with telecommunications companies, NTC, Ehsaas/NSER and NADRA to verify the eligibility of beneficiaries.

After due consideration, the ECC approved the Kamyab Pakistan plan for submission to the Cabinet.

ECC members praised the salient features of the Kamyab Pakistan plan and regarded it as the current government’s flagship initiative to empower the poor with limited resources.

The ECC reviewed and approved another summary of the Ministry of Finance on fixing the face value dividend of SBP shares at 10% for the fiscal year ending June 30, 2021.

The Ministry of Industry and Production submitted a summary of the approval to pay PSM employees for the 2021-22 fiscal year.

After full consideration, ECC approved monthly salary payments to employees until the implementation of a complete human resources layoff plan.

The ECC considered and approved a Technical Supplementary Grant (TSG) to support the Ministry of the Interior to build a border police training center in Michni, Khyber Pakhtunkhwa Province, in the amount of 50 million rupees during the 2021-22 fiscal year.

The ECC approved the minimum bid for the fourth international wheat tender for the 2021-22 fiscal year proposed by the Ministry of Food Security and Research of the State to import 120,000 tons of wheat.

The Minister of Finance, the chairman of the ECC, stated that mutual consultation will pave the way for collective decision-making under the Cabinet Committee. This helps the decision-making process in the public sector.

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