ECC approves special package of Rs 1.6 billion for Ramazan

  • Posted at: 17 May, 2017, in Pakistan

ISLAMABAD: The Economic Coordination Committee (ECC) on Tuesday approved special package of Rs1.6 billion for Utility Stores to provide relief in prices of different commodities in Ramazan.The approval came during meeting of the committee headed by Finance Minister Ishaq Dar in Islamabad.Under the approved package 19 food items will be available at utility stores at subsidized rates.The food items include wheat flour, sugar, ghee, oil, pulses (channa, masoor, moong washed and mash washed), white grams, baisen, dates, rice, black tea, milk, and spices.The commodities will be sold at subsidized rates across Pakistan through outlets of Utility Stores Corporation (USC).In addition to the relief provided by the Ramazan Package, USC will also reduce prices on over 2,400 other items under different brands from 5% to 10% by obtaining special discount from vendors/suppliers and reducing its own profit margins.The meeting also approved extension in date for the import of urea fertilizer from April 28 to October 31.The import quota of urea has also been increased from 300,000 to 600,000 metric ton.On a proposal by the Finance Division, the ECC approved the restoration of import duty and sales tax on import of cotton with effect from July 15, 2017. The decision has been made to boost the confidence of domestic cotton growers during the upcoming sowing season.