ECC defers approval of Textiles and Apparel Policy 2020-25.

ISLAMABAD -- The Economic Coordination Committee (ECC) of the Cabinet on Thursday deferred the approval of Textiles and Apparel Policy 2020-25 and revising the oil marketing companies (OMCs) and dealers' margins on petroleum products.

Federal Minister for Finance and Revenue, Dr Abdul Hafeez Shaikh chaired the meeting of ECC. On Textiles and Apparel Policy 2020-25, the ECC decided to include Special Assistant to Prime Minister 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.

Petroleum Division presented a summary before ECC to review the oil marketing companies (OMCs) and dealers' margins on petroleum products. After due deliberation, the ECC decided that proposed rates for the increase would be considered after a detailed study by Pakistan Institute of Development Economics (PIDE). A sub-committee was constituted under the chairmanship of SAPM on Revenue Dr. Waqar Masood including SAPM on Power Tabish Gauhar, Minister for Planning Asad Umar and SAPM on Petroleum Nadeem Babar as its members to evaluate outcome of the PIDE study and present a revised summary before ECC accordingly.

Ministry of Industries and Production presented three proposals related to the Utility Stores Corporation (USC) before the ECC. The ECC considered and approved the first proposal regarding continuation of general subsidy on five essential items through Utility Stores Corporation (USC) from 01.01.2021 to 30.06.2021 out of funds allocated under Prime Minister's Relief Package-2020 in the backdrop of COVID-19 pandemic. Secondly, Ministry of Industries and Production 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 percentage range(s) would serve as a benchmark for subsidizing the essential...