ECC directs Ministry of IT and FIA to Withdraw Complaint Against LMKR

The Economic Coordination Committee (ECC) of the Cabinet for the implementation of the E-office program has directed Ministry of Information Technology and Federal Investigation Agency (FIA) to withdraw the complaint against LMKR as well as withdrawal of all inquiries by FIA on projects of LMKR subject to fulfilment of agreement clauses.

Adviser to Prime Minister on Finance and Revenue Dr. Abdul Hafeez Shaikh chaired the meeting of the ECC on Wednesday at the Prime Minister’s office.

ECC directs Ministry of IT and FIA to Withdraw Complaint Against LMKR

For the implementation of the E-office program, ECC directed Ministry of Information Technology and FIA to withdraw the complaint against LMKR as well as withdrawal of all inquiries by FIA on projects of LMKR subject to fulfilment of agreement clauses. Ministry of Planning Development and special initiatives was directed to activate the project on the request of NITB and provide requisite funds to complete the work.

In order to ensure the availability of wheat and atta in the country throughout the year and on affordable price ECC directed Ministry of National Food Security and Research to accelerate efforts for wheat imports.

ECC directed that the Ministry of NFSR should hold a meeting with the major importers of wheat at the earliest and come up with proposals that may indicate that what will be the expected price of the imported wheat and if there is any need for the government to allow subsidy on the product to keep the prices stable in the domestic markets.

Ministry of NFSR briefed the ECC that combined together the Provincial governments and PASSCO have already achieved 79% of their procurement targets. More than 120 importers have so far shown interest to import wheat in the country. ECC directed Ministry of NFSR to extend requested facilitation to the importers including waivers of different taxes and duties. It was also assigned by the ECC that Provincial Governments, Trade Corporation of Pakistan and PASSCO may arrange wheat imports as soon as possible to avoid shortages any time during the year.

ECC allowed equity investment abroad amounting to SAR 22.5 million by Eastern Products Ltd.

ECC also allowed Asian Development Bank to issue offshore Pakistan Rupee Linked Bonds for international investors subject to completion of all codal formalities. The program, according to the recommendation of SBP, shall be restricted to a maximum of US$200 million. The local currency proceeds of the Bonds shall be used for financing long term infrastructure and energy projects in Pakistan.

ECC also allowed Finance Division to release Rs. 1 billion to SSGCL for undertaking gas supply to localities/ villages falling within 5 KM radius of gas fields in order to comply with Supreme Court and High court decisions.

ECC allowed equity investment abroad amounting to SAR 22.5 million by Eastern Products Ltd. On this occasion, ECC also approved the increase of limit for investments abroad (to be approved/allowed by SBP) from US$5 million to US$10 million beyond which the permission will have to be sought from ECC.

Five projects of different types of development work in North West Industrial Zone and South West Industrial Zone by Port Qasim Authority with their own funds were approved by the ECC with the direction to the Ministry and PQA to observe all the codal formalities for the completion of the projects.