ISLAMABAD: The Economic Coordination Committee (ECC) of the Cabinet Monday approved a summary for provision of maximum quantity of gas to Pak-Arab Fertilizer Plant and Fauji Fertlizer Bin Qasim Limited (FFBQL) to help stabilize urea prices.

The meeting of the cabinet committee was chaired by Federal Minister for Finance and Revenue, Shaukat Tarin, according to press statement issued by the finance ministry.

The statement said the cabinet committee, on summary of Ministry of Industries and Production to review demand for urea fertilizer during the Rabi season 2021-22, approved 58MMCFD for Pak-Arab and 63MMCFD for FFBQL to ensure that estimated demand for urea fertilizer is met through domestic production.

The said decision would stabilize prices of urea fertilizer and ensure its smooth supply throughout the country during Rabi season 2021-22, the statement added.

The ECC also approved a summary presented by the Ministry of Information Technology and Telecommunication regarding allocation of Rs2 billion as a single line budget for Pakistan Software Export Board (PSEB), an apex government body, mandated to strengthen and promote the IT sector exports of Pakistan.

Moreover, the ECC also approved the allocation of Rs4 billion to PSEB for disbursement of cash reward incentive in order to incentivize IT exports and to encourage documentation of exporters/exports.

The cash reward incentive would be provided for the IT and IT-enabled services exporters promoting export proceeds through banking channels via SBP allocated banking codes.

Ministry of Commerce presented a Textile and Apparel Policy, FY 2020-25, on which ECC constituted a sub-committee comprising of representatives of Ministry of Commerce, Finance Division, Ministry of Industries and Production, Power and Petroleum Divisions, FBR and State Bank of Pakistan to review and present an updated policy before ECC in a couple of weeks.