To prevent a shortage of the good during Ramadan, the Economic Coordination Committee of the Cabinet has approved the immediate release of 25,000 metric tonnes of wheat for Gilgit Baltistan for the current and following months. The approval was given during a meeting of the Committee on Tuesday in Islamabad, which was presided over by Minister of Finance and Revenue Ishaq Dar.
The ECC directed the Ministry of Kashmir Affairs and Gilgit Baltistan to submit a thorough plan for price rationalization within 30 days while also granting an additional amount of 2.9 billion rupees to meet Gilgit-Baltistan’surgentneeds.
Meanwhile, Economic Coordination Committee (ECC) of the Cabinet on Tuesday approved technical supplementary grant of Rs27 billion for Kuwait Petroleum Company.
The ECC met here with Minister for Finance and Revenue Senator Mohammad Ishaq Dar in chair. Minister for Power Khurram Dastgir Khan, Minister for Industries and Production Syed Murtaza Mahmud, Minister of State for Petroleum Musadik Masood Malik, SAPM on Finance Tariq Bajwa, SAPM on Revenue Tariq Mehmood Pasha, federal secretaries and other senior officers attended the meeting, said a press release.
Ministry of Energy (Petroleum Division) submitted a summary on the credit facility from Kuwait and presented that the Government of Pakistan is utilizing a credit facility extended by Kuwait Petroleum Corporation (KPC) against the supply of Diesel Oil under the term contract with PSO since 2000 and the term contract is extended every year.
The PSO deposits Rupee equivalent with the National Bank of Pakistan (NBP) after 30 days from the bill of lading date of each shipment and NBP transfers the cargo cost to KPC, Kuwait.
In the current situation, this account has witnessed huge exchange losses due to upheaval in the rupee-dollar parity during the last 12 months and the government is committed to cover these exchange losses.
Considering the above situation, the ECC approved an immediate technical supplementary grant of Rs. 27 billion for Kuwait Petroleum Company.
Moreover, The US Ex-Ambassador Ms. Robin L. Raphel Tuesday called on Minister for Finance and Revenue Senator Mohammad Ishaq. The minister welcomed Ms. Robin L. Raphel and shared his views on improving deep-rooted and strong bilateral relations with the United States on economic and trade fronts.
The Finance Minister shared economic policies and priorities of the government to address the challenging economic and social development of the population.
The two exchanged views on matters of mutual interest in the backdrop of Pak-US relations and further deepening the existing bilateral relations between the two countries.
Ms. Robin L. Raphel underscored that both countries enjoy good relations and expressed confidence in the policies and programs of the government for economic sustainability and growth.
