ISLAMABAD
The Economic Coordination Committee (ECC) of the Cabinet on Friday approved to export 1.2 million tons of wheat out of surplus stocks available in Punjab and Sindh and immediately ban import of wheat’s by-products.
The ECC, which met under the chair of Finance Minister Senator Ishaq Dar, has approved export of 1.2 million tons of wheat out of the surplus stocks available in Punjab and Sindh. Accordingly, Punjab will export 800,000 tons while Sindh has been allocated export quota of 400,000 tons of wheat. Punjab will get a subsidy of $55 per metric ton for export while for Sindh this subsidy would be $45 per metric ton.  Punjab and Sindh provinces have surplus stock of wheat. Chief Minister Sindh in a letter has requested the Prime Minister to allow export of 0.50 million tons of wheat at a discount of $50 per ton. A similar request has been received from the Food Department of Punjab. The provinces asked the top economic decisions making body of the country to allow the wheat exports in order to create space in their godowns for the upcoming crop. The federal government would provide subsidy on the export of wheat to the provinces to meet expenses on procurement, storage and markup etc.
Taking notice of unhindered import of wheat byproducts, the ECC also issued instructions for immediate ban on their import.
The ECC approved Issuance of Policy directive to Nepra to build in costs incurred by the power sector into the tariff without affecting the end consumer. Sources informed that this decision of ECC would deprive masses from the expected power tariff reduction, which was supposed to decrease due to declining furnace oil price in international market.
The ECC considered a proposal moved by the Ministry of States and Frontier Regions and approved the provision of 30,000 tons of wheat to the United Nations World Food Program for distribution among Temporarily Displaced Persons (TDPs) of FATA and KP, catering for the period up to March 2015. The ECC also observed that in case of further requirements, Safron could revert to the forum with a fresh proposal.   ECC considered and approved Ministry of W&P’s proposal on policy to attract private sector investment in transmission line projects with the inclusion of upfront tariff as an option. Nepra is empowered to grant licence authorising the licencee to engage in the construction, ownership, maintenance and operation or specified transmission facilities on specified terms and conditions in the public interest.
The ECC also accorded approval for the extension of GSA between OGDCL and Fauji Kabirwala Power Company Limited (FKPCL) for provision of 20 mmcfd of  gas at the earliest possible but not later than 1st February till the time LNG is made available to the company for power generation. At its maximum generation capacity utilisation the plant will generate 157MW of electricity.
ECC also approved the re-lending of the buyer credit loan to PAEC as per actual terms and conditions available to the Government of Pakistan. Based on the above approval, the revised rate comes to 9pc comprising actual cost of loan and exchange rate risk.
At the outset of the meeting, Chairman ECC, Senator Ishaq Dar expressed his deep sense of shock and grief over the sad demise of King Abdullah and along with other participants offered fateha for the departed soul. He paid rich tributes to the late King Abdullah saying that he was a great friend of Pakistan who was always there to offer support in the hour of need. “His services to the Muslim Ummah would always be remembered”, he remarked.