Islamabad, September 17, 2015 (PPI-OT):The Economic Coordination Committee of the Cabinet in its meeting chaired by Finance Minister, Senator Mohammad Ishaq Dar here on Thursday accorded approval in principle for import of 50,000 tons of gram pulse in view of hike in its price due to shortage in the local market. TCP will carry out the import.
While according approval to Ministry of Food Security’s proposal with consensus of the house, the Chair directed that the Ministry of National Food Security, Ministry of Commerce and Ministry of Industries may make arrangements for the import of gram pulse at the earliest. On a proposal moved by the Ministry of Water and Power, the ECC approved adoption and implementation of quality standards for import of solar PV equipment into the country.
The Committee also gave direction to the Ministry of Water and Power to liaise with Ministry of Science and Technology and the FBR to ensure well coordinated process for adoption and implementation measures in two weeks time. The Ministry of Water and Power shall present to ECC its report on adoption and implementation of quality standards, the Chair further directed.
Taking benign consideration of proposal by the Privatization Division, the ECC approved payment of two months salaries for employees of Pakistan Steel Mills (PSM). The chair on this occasion remarked that the relevant ministry and the Pakistan Steel should find a way out of the current stalemate as the government just could not afford to continue providing finances to meet the liabilities of PSM.
Considering another such proposal from the Privatization Division, the ECC also allowed payment of two months salaries to the employees of Pakistan Machine Tool Factory. On a summary of Ministry of Railways, the ECC approved the recommendations of the Ministry supported by Ministry of Law and Justice to recall Committee’s decision of 1st January 2013, relating to the Business Express Train. The Ministries had stated that recall of the decision, which was not formally implemented, would help the judicial settlement of the matter.
Earlier at the outset of the meeting the chair informed members of the ECC that the leading international rating agency Fitch had upgraded Pakistan’s rating to “B” on the basis of its economic performance. The Minister while congratulating them on this development said, the new rating was reflective of the robust economic policies adopted by the Government. He also added that as of Thursday, Pakistan’s forex reserves had reached $18.56 billion which was a record.
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