ECC approves three proposals related to Utility Stores Corporation.

Islamabad -- Ministry of Industries and Production on Thursday presented three proposals related to the Utility Stores Corporation (USC) before the Economic Coordination Committee (ECC).

The ECC considered and approved the first proposal regarding continuation of general subsidy on five essential items through Utility Stores Corporation (USC) out of funds allocated under Prime Minister's Relief Package-2020 in the backdrop of COVID-19 pandemic.

The Ministry of Industries and Production also proposed to approve re-allocation of Rs 2.332 billion for ERP procurement and IT infrastructure for automation of stock management throughout the network of USCs.

ECC approved in principle, with a direction to hold further consultation with the Ministry of Information Technology and Ministry of Finance for smooth implementation.

Furthermore, it was decided that the Utility Stores Corporation (USC) would present a revised proposal after working out a specific percentage range(s) of differential from market prices for subsidizing essential commodities through Ministry of Industries and Production before next ECC meeting.

The meeting was held in the chair of Federal Minister for Finance and Revenue Dr Abdul Hafeez Shaikh in Islamabad on Thursday.

Federal Minister for Planning, Development and Special Initiatives Asad Umar, Federal Minister for Railways Azam Khan Swati, Federal Minister for Industries and Production Hammad Azhar , Adviser to the PM on Commerce Abdul Razak Dawood, Minister for Maritime

Affairs Ali Haider Zaidi, Adviser to the PM on Institutional Reforms and Austerity Dr. Ishrat Hussain, Federal Minister for National Food Security and Research Syed Fakhar Imam, APM on Revenue Dr Waqar Masood, SAPM on Power Tabish Gauhar and Governor State Bank Dr. Reza Baqir participated in the meeting.

The percentage range(s) would serve as a benchmark for subsidizing the essential commodities through Utility Stores Corporations, keeping in view, fluctuations in international commodity prices.

On Textiles and Apparel Policy 2020-25 by the Ministry of Commerce, the ECC decided to include SAPM on Power Tabish Gauhar in the sub-committee for detailed consultation on proposals related to the power sector which fall under the ambit of the Textile Policy. The Textiles and Apparel Policy 2020-25 would be presented before ECC in a couple of weeks.

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