The Economic Coordination Committee has considered and given principal approval on a summary presented by the Ministry of Defence Production for extending the Defence Credit Line Facility of US$ 50 million to Sri Lanka to enhance bilateral defence and security cooperation.

The decision was taken during the ECC meeting, which was presided over by Finance Minister Shaukat Tarin on Thursday. Officials submitted summaries of various ministries and division for consideration and approval in the meeting.

It also approved Rs12.345 billion for import of urea on equal cost sharing basis among and provincial and federal governments besides, allowed exemption of all taxes and duties on oxygen gas, oxygen gas cylinder, and cryogenic oxygen tanks for health sector to cope with the fifth wave of Covid in the country.

The meeting approved the Finance Division’s summary with regard to expansion of Kamyab Pakistan Programme throughout Pakistan.

On a summary moved by the Ministry of Industries and Production regarding uninterrupted supply of oxygen gas in the country for medical purposes, the ECC approved duty and tax exemption to products/goods i.e. oxygen gas, oxygen gas cylinder, and cryogenic oxygen tanks for health sector up to June 2022 to cope with the fifth wave of Covid in the country.

On another summary, moved by the Ministry of Industries and Production, after deliberation approved Rs12.345 billion for import of urea on cost sharing basis among the federal and provincial governments on 50:50 basis and fixation of imported urea price.

The ECC also considered and gave principal approval on a summary presented by the Ministry of Defence Production for extending the Defence Credit Line Facility of US$ 50 million to Sri Lanka to enhance bilateral defence and security cooperation.

The ECC approved the Ministry of Industries and Production’s summary on grant of arrival/priority berthing of TCP’s urea vessels at the Karachi Port Trust (KPT).

The ECC also considered and approved a number of proposals of supplementary/technical supplementary grants submitted by various ministries/divisions; however, an official said that Power Division has withdrawn it summary for settlement of payables to government-owned power plants at par with the IPPs.

The meeting also approved Funds for Rs18.364 billion technical supplement grant for conduct of local government elections in the country and periodical revision of electoral rolls.

The story was originally published in Business Recorder on February18, 2022.