ISLAMABAD: Economic Coordination Committee (ECC) of the Cabinet on Tuesday fixed cotton (Phutti) intervention price at PKR 8,500 per 40 Kilogram for current sowing to increase cotton production, bring stability to the local market and assure a fair return to the farmers.
Finance Minister Ishaq Dar chaired the ECC meeting. The meeting was attended by SAPM on Finance Tariq Bajwa, Minister for Commerce Syed Naveed Qamar, Minister for Industries and Production Syed Murtaza Mahmud, former Prime Minister Shahid Khaqan Abbasi, SAPM on Government Effectiveness Dr. Muhammad Jehanzeb Khan, SAPM on Revenue Tariq Mehmood Pasha, federal secretaries, and other senior officers.
National food Security and Research ministry presented a summary on cotton Intervention Price (CIP) for 2023-24 Crop and argued that the announcement of CIP at this time, ahead of the primary sowing season, will help growers decide about the area and investment in cotton crop and expected to enhance yield and area by 10-15 percent.
The ECC asked the Ministry of National Food Security and Research to form Cotton Price Review Committee (CPRC) with a mandate to review market prices. The committee further directed the ministry to proactively involve the cotton industry.
ECC approves extension in shipment period of sugar export
The ECC considered a summary of the Commerce Ministry on an extension in the shipment period of sugar export and, after detailed deliberation, allowed an extension from 45 days to two months time limit for shipment of sugar from the date of quota allocation.
The National Disaster Management Authority (NDMA) presented a summary of financial requirements for the NDMA execution plan about Pakistan’s relief assistance for the Turkiye and Syria earthquake-2023. It was informed that the devastating quake caused massive causalities in Turkiye and Syria.
To support the brotherly nations in their difficult time, NDMA was directed to maximize and extend full support from February 6 onwards. Considering timely assistance and support to brothers and sisters in Turkiye and Syria, the ECC approved the immediate allocation of PKR 10 billion to the authority for payment for the procurement and transport of the goods to affected areas in Turkiye and Syria.
The Ministry of Energy submitted a summary on the liquidity requirement of Pakistan State Oil (PSO) for the import of Petroleum products in the country and maintained that PSO is engaged in the import of Liquefied Natural Gas (LNG) to meet the energy requirement of the country in terms of LNG and petroleum products.
The PSO is importing 8-9 LNG cargos every month, whereas according to the contracts with LNG suppliers, the company is obliged to clear the invoices within the stipulated time frame. In order to enable PSO to remain afloat in its payment obligations to LNG suppliers and to continue the LNG supply chain, the ECC allowed a sovereign guarantee in favour of SNGPL for commercial borrowing of PKR 50 billion on an immediate basis.
