PID

PR No. 200 ECC Islamabad: September 26, 2016

The Federal Minister for Finance Senator Mohammad Ishaq Dar chaired the meeting of the Economic Coordination Committee (ECC) of the Cabinet here at the Prime Minister’s Office this evening.

The Meeting considered and approved the Summary presented by Ministry of Industries and Production for the reduction in price of imported urea fertilizer lying with NFML. The Committee had earlier fixed the price of the imported urea Rs. 1310/- per bag. The ECC had earlier formed a Committee headed by Secretary Industries and Production to propose steps for the enhancement of sales of the imported urea. The Committee in today’s meeting presented its report and suggested measures to boost the sales and recommended reduction in price. ECC after detailed deliberations reduced the price to Rs. 1200/- per bag.

ECC also accorded approval to the proposal of the Ministry of Finance for the Issuance of Sukuk, 2016. The Committee was informed that as the international rating agencies have improved the ratings of Pakistan, the current issue of the Sukuk is expected to bring in a better yield/ pricing. Finance Division also requested the exemption of certain taxes and duties for making the sale of the Sukuk a desirable transaction for the foreign investors, which was approved by the ECC.

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