ISLAMABAD: The Federal Minister for Finance and Revenue, Senator Ishaq Dar, presided over a meeting of the Cabinet of Economic Coordination Committee (ECC) on Wednesday. The meeting was attended by several federal ministers, including the Minister for Commerce, the Minister for Power, the Minister for Climate Change, and the Minister for Industries and Production, along with other senior officials.
During the meeting, the Ministry of Industries and Production presented a summary on the requirements of Urea Fertilizer for the year 2023 and provided an update on the urea fertilizer situation in the country. Following detailed discussions, the ECC granted permission for SNGPL-based fertilizer plants, namely Fatima Fertilizer (Sheikhupura) and Agritech, to continue operations on indigenous gas until August 31st, 2023, without requiring any subsidy from the Federal Government.
The Ministry of Climate Change and Environmental Coordination submitted a summary on the participation of Mangroves projects of Sindh in voluntary Carbon Markets. The ECC approved the proposal, allowing the Sindh Forest Department to implement two Indus Delta Mangrove projects, which are expected to generate significant revenue through Carbon Credits and contribute to the creation of green jobs.
ECC Approves Ministry of Energy’s Proposals
Additionally, the ECC approved proposals from the Ministry of Energy (Power Division) related to payment mechanisms and agreements with M/s Uch Power (Pvt) Limited. These approvals are expected to result in substantial savings of Rs. 33 billion over a seven-year period.
Furthermore, the ECC granted approvals for various Technical Supplementary Grants and Supplementary Grants to meet the expenditures of different ministries and departments. These grants include allocations for the Ministry of Climate Change and Environment Coordination, the office of Controller General of Accounts (CGA), the Ministry of Housing and Works, the Ministry of Information and Broadcasting, the Federal Directorate of Immunization (FDI), the Cabinet Division for Sustainable Development Goals Achievement Programme (SAP), the President’s Secretariat, the Intelligence Bureau, and the Ministry of Defence.
