KARACHI - Prime Minister Syed Yousuf Raza Gilani, while presiding over the ECC meeting here on Tuesday, has set up a four-member committee to look into the problems of KESC and to investigate the reason why rural areas in Sindh were subjected to excessive loadshedding. The committee comprises on Minister for Finance, Water and Power, Deputy Chairman Planning Commission and secretary power. The Prime Minister also directed the ministry of Water and Power to save the people from rigours loadshedding. Economic Coordination Committee on the first day of the financial year (2008-09), reviewed the overall economic situation in the country with the confidence that the economy will be brought back on the track as due to the policies of the present government. Chairman FBR's information that the total tax collection has already crossed Rs1,000 billion in June 30, was welcomed at the meeting as a very good news under the present circumstances. The Chairman added that there were indications that FBR will collect more than Rs1 trillion. The ECC approved proposals of the Secretaries Committee, set up by earlier cabinet regarding permission to PASCCO, for purchase of wheat at the rate of Rs700/40kg to meet the target of one million tons. It also approved that wheat be released to the food deficient areas along with import by private sector to bring stability in its prices. It was decided in the meeting that a committee would be set up to consider the proposals pertaining to inter-provincial and inter-district movement of wheat. The Prime Minister directed the MINFAL to take immediate measures with the consultation of the provincial governments to ensure parity in the atta prices especially in the wheat deficient areas of the country. Minister Water and power, Deputy Chairman Planning commission and the Secretary Water and Power reaffirmed the resolve of the government that there would be no loadshedding in the country after December next year as they had already made all necessary arrangements to feed more than 3000 MW to the national grid system. Secretary Finance informed the ECC that the gap between the imports and exports had to be narrowed by taking additional measures to discourage non-essential import of items and increasing exports for which various incentives had already been announced by the government. The Finance Secretary apprised the ECC that foreign remittances are expected to reach $6 billion judging from the trend during the previous financial year. The ECC meeting was apprised that sky rocketing prices of oil, edible oil and food items are the major factors that have shrunk the fiscal space and inflationary trends in the economy. The ECC approved the summary of Ministry of Industries regarding the provision of incentives for investment in petrochemical complex Naphtha cracker, polyethylene and polypropylene. The meeting, in principle, approved the import of wheat through Gwadar Port if the concerned authorities ensure facilities required to handle a large quantity of imported wheat. The ECC reviewed the position of supply and demand of essential items in the country. The meeting was informed that there were sufficient stocks of sugar and pulses in the country. The Prime Minister directed the Ministry of Industries to open utility outlets at the UC level to provide basic items at reasonable prices. The Economic Coordination Committee of the Cabinet also decided that wheat supply to the flourmills would remain continue to ensure regular flow of the commodity to consumers.