ECC to discuss eight-point agenda today

ISLAMABAD – The Economic Coordination Committee (ECC) of the Cabinet would consider to impose ban on exports of onions and tomatoes in a bid to control the prices in the country today (Thursday). 

The ECC meeting, which would be chaired by Federal Minister for Finance and Revenue Shaukat Tarin, would discuss the eight points’ agenda today. The top economic decisions making body of the country would take up the summary of the ministry of commerce to impose ban on the export of onions and tomatoes to control their prices in the country. 

The government is struggling to control the prices of food commodities, which are enhancing due to several reasons including hike in petroleum products prices, currency depreciation etc. Inflation rate has already reached 9 percent in the month of September and it is expected to enter into double digits in the months to come. National Price Monitoring Committee (NPMC) headed by Federal Minister for Finance and Revenue had already directed the Ministry of Commerce to expedite the process of banning export of perishable commodities in consultation with Ministry of National Food Security Research for next three months to ensure availability of such commodities at an affordable price to the consumers.

The decision has been taken in view of seasonal variations as well as rapidly evolving situation in Afghanistan. Ministry of Commerce and Ministry of National Food Security and Research were directed by the NPMC to look into the matter of complete ban on export of perishable items to fill the demand supply gap in the country through domestic supply of these commodities. Therefore, the Ministry of Commerce is presenting the summary in ECC’s meeting today (Thursday) for imposing ban on export.

The ECC would also consider the National Remittance Loyalty Programme (NRLP), which would be moved by the Finance Division. The ECC would also take the proposal of National Health Services, Regulations and Coordination for approving exemption of taxes and duties on Covid-19 rapid diagnostic tests local manufacturing facility. It would also discuss the wheat requirement for the Utility Stores Corporations for the year 2021 and provision of wheat to Azad Jammu and Kashmir for the current fiscal year. 

Other points on the agenda of the ECC’s meeting are cotton price review committee report for the months of August and September this year. The ECC would consider the approval of budget proposals for the fiscal year 2020-21 and revised budget for the fiscal year 2019-20 of Employees Old Age Benefits Institutions (EOBI) and standard security agreements for small hydropower projects under Power Generation Policy 2015.

Article source: https://nation.com.pk/07-Oct-2021/ecc-to-discuss-eight-point-agenda-today