Decision will help stabilize urea fertilizer prices in Rabi season
The Economic Coordination Committee or ECC of the Cabinet on Monday approved a summary for providing a maximum quantity of natural gas to Pak-Arab Fertilizer Plant and Fauji Fertilizer Bin Qasim Limited to help stabilize urea prices.
The meeting of the cabinet committee was chaired by federal Finance Minister Shaukat Tarin, according to a press statement issued by the ministry.
It said that the cabinet committee, on a summary moved by the Ministry of Industries and Production for reviewing the demand for urea fertilizer during the Rabi season 2021-22, approved 58 million cubic feet per day or MMCFD for Pak-Arab and 63MMCFD for Fauji Fertilizer Bin Qasim Limited to ensure that projected demand for urea fertilizer was met through domestic production.
The decision would help stabilize prices of urea fertilizer and ensure its smooth supply across the country during the Rabi season 2021-22, the statement added.
The ECC also approved a summary submitted by the Ministry of Information Technology and Telecommunication regarding the allocation of Rs2 billion as a single-line budget for the Pakistan Software Export Board or PSEB, an apex government body, mandated to strengthen and promote the IT sector exports of Pakistan.
It also approved the allocation of Rs4 billion to PSEB for disbursement of cash reward incentives to incentivize IT exports and encourage documentation of exporters/exports.
The cash reward incentive would be provided for the IT and IT-enabled services exporters promoting export proceeds through banking channels via SBP allocated banking codes.
Ministry of Commerce presented a Textile and Apparel Policy for Fiscal Years 2020-25, on which ECC formed a sub-committee, comprising representatives of the ministry of commerce, finance division, ministry of industries and production, power and petroleum divisions, FBR and State Bank of Pakistan to review and present an updated policy before the ECC in a couple of weeks.
The meeting was attended, among others, by federal Ministers for Industries and Production Khusro Bakhtiar, Energy Hammad Azhar, Railways Azam Khan Swati, Minister of State for Information Farrukh Habib, Advisor to PM on Commerce Abdul Razak Dawood and federal secretaries.