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Friday, March 29, 2024

ECC approves textile export package

With an aim to promote exports, on 6th of October 2017, the Economic Coordination Committee (ECC) approved a proposal that 50% of the export package incentive for eligible textile and non-textile sectors, announced in Prime Minister’s Export Package, be provided on the same terms as for the period January to June 2017 without condition of increment. A meeting of ECC of the Cabinet was chaired by Prime Minister Shahid Khaqan Abbasi who approved that the remaining 50% of the rate of incentive would be provided if the exporter achieves an increase of 10 percent or more in exports as compared to the corresponding period of the last year.

It was further accepted that the additional 2% drawback would be provided for export to non-traditional markets. Besides, expeditious settlement of payments claims by the State Bank of Pakistan was also approved. Further approved was a proposal submitted by the Commerce Ministry to allocate the additional quantity of 12 million kilograms of surplus tobacco to all the tobacco companies and dealers on a pro-rata basis.

The ECC also approved a proposal to deregulate the margins on High-Speed Diesel for the Oil Marketing Companies (OMC) and dealers under the policy of liberalization and deregulation. The impact of the policy would be reviewed after three months. It was also decided that OMCs would add Fuel Marker in HSD within six months at depot stage to avoid adulteration. OGRA is given the responsibility to develop a mechanism to monitor the OMCs commercial stock position, the dealers’ inventory system, and Fuel Marker System.

The ECC provided a provisional approval of the issuance of Government of Pakistan’s sovereign guarantee for Rs. 39,000 million for construction of 2X660MW Coal Power Project Jamshoro, subject a third part evaluation especially pertaining to demand and supply situation. The ECC also extended the period of provision of subsidy to agricultural tube-well consumers in Balochistan till December 31, 2017, subject to a commitment of past payments by all concerned/stakeholders on same terms and conditions as approved earlier by the ECC on June 17, 2015. While the detailed lists of import items is still about to be reviewed and finalized.

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