ISLAMABAD: A meeting of the Economic Coordination Committee (ECC) of the Cabinet has allowed the Trading Corporation of Pakistan to import 300,000 tonnes of wheat to maintain strategic reserves in the country.

The meeting of the ECC presided over by Finance Minister Miftah Ismail was submitted a summary by the Ministry of National Food on urgent advice relating to award of 3rd international wheat tender 2022 opened on July 18, 2022.

The ministry has sought approval for the lowest bid offered for the import of wheat and the ECC after discussion approved the lowest bid offered by M/s Vittera B.V/Marine International @ US$ 404.86/metric tons for 120,000 metric tons on cost and freight (CFR) bulk at sight L/C basis. Sources said that the estimated cost of at Karachi port would be Rs89,066 metric tons. Additionally, TCP was allowed to match the tender quantity of 300,000 metric tons.

The ECC on a summary of the Ministry of Energy (Power Division) regarding tariff rationalization for the power sector has approved the same tariff rationalization for K-Electric as the rest of the country.

The Power Division argued that in accordance with the National Electricity Policy 2021, the government may maintain a uniform consumer–end tariff for K-Electric and state-owned distribution companies through incorporation of direct/indirect subsidies. The meeting was requested that KE applicable uniform variable charge is required to be modified to maintain the uniform tariff across the country.

The Ministry of Industries and Production submitted a summary seeking authorization to TCP for signing agreement with Chinese firms for the import of 200 KMT urea from M/s Sinochemfertilizer and M/s CNAMPGC at the negotiated rate of US$ 500/MT (FoB) on 90 days deferred payment with mark-up basis. The ECC approved the summary subject to discussion and decision in the federal cabinet regarding the allocation of Rs22 billion for this import with US$ 100 million as exchange cover, which has not been allocated into the budget 2022-23.

Ministry of Energy (Petroleum Division) tabled a summary on the rate of Petroleum Levy on Liquefied Petroleum Gas (LPG).

The ECC returned back the summary to the ministry for reconsideration of the proposal.

The meeting was attended by Minister for Commerce Syed Naveed Qamar, Minister for Power Khurram Dastgir Khan, Minister for Industries and Production Makhdoom Syed Murtaza Mehmood, Minister of State for Finance and Revenue Dr Aisha Ghous Pasha, Minister of State for Petroleum Musadik Masood Malik, Coordinator to the Prime Minister on Economy Bilal Azhar Kayani, Coordinator to the PM on Commerce and Industry Rana Ihsan Afzal, federal secretaries and senior officers attended the meeting.—ZAHEER ABBASI