ECC fixes wheat relief price at Rs 1300 per 40kg

Economic Coordination Committee which met in Islamabad on Wednesday with Finance Minister Asad Umer in the chair decided to fix support price of wheat at 1300 rupees per 40kg.

The committee directed to immediately import fifty thousand tons of urea fertilizer.

It also allowed supply of gas to the Fatima Fertilizer and Agri Tech Fertilizer. The committee deferred the release of circular debt to the Pakistan State Oil.

The Economic Coordination Committee (ECC) on Wednesday approved the release of one-month salary of Pakistan Steel Mills’ (PSM) employees. Finance Minister Asad Umar chaired an ECC meeting earlier today which focused on a seven-point agenda. According to sources, over Rs370 million will be released as salaries of PSM employees for September 2018. The ECC also accorded approval for release of Rs1 billion for widows of pensioners.

“The ECC further decided to not bring up the issue of PSM employees’ salaries during the committee’s meetings for the next three months,” sources added. “It was decided that the matter should be resolved by the Finance Division and Ministry of Industries,” the sources added.

Further, the ECC accorded approval for the import of 50,000 tonnes of urea along with support price of wheat.

During the meeting, the Ministry of Industries and Production informed that dealers were involved in the recent increase in cement prices. Following this, the ECC directed provincial governments to check cement prices.