From Fasih Ahmed
ISLAMABAD: A meeting of the Economic Coordination Committee (ECC) of the Cabinet yesterday with Finance Minister Asad Umar in chair summoned a report for revival of Pakistan Steel Mills.
The ECC summoned a report from the Ministry of Industries for turn around of Pakitan Steel Mills. The cabinet committee chaired by Finance Minister Asad Umar, directed the ministry to submit its report on the matter soon.
The ECC also considered the revival of Pakistan Machine Tool Factory. Moreover, the meeting invited a report from the Revenue Division about details of sales tax and custom duty on import of cotton and the impact of withdrawal of these taxes.
The was scheduled to discuss withdrawal of custom duty from the import of cotton and a proposal to exempt the imported cotton from sales tax was also on the agenda of the committee.
The ECC in its previous meeting approved the proposal of the energy ministry for supply of up to 25 MMCFD additional gas from Adhi Gas Field to Sui Northern Gas Pipelines Ltd. (SNGPL) to meet the existing gas demand on the system.
On the occasion, ECC also reviewed the demand and supply situation of urea in the country. The ECC formulated an agreement between the Pakistan State Oil (PSO) and the State Oil Company of Azerbaijan Republic (SOCAR) for fuel supply.
Furthermore, the minister analyzed reports on export of surplus wheat, and production of more gas from the Adhi Oil and Gas Field for approval. The meeting also discussed critical issues regarding supply of urea and other items.
A report on the release of funds for the employees of the Pakistan Machine Tool Factory was also presented in the meeting for discussion.