ecc approves export of 1.2 million tons of

ISLAMABAD: The Economic Coordination Committee of the Cabinet (ECC) on Friday approved export of 1.2 million tons of wheat and imposed a bans on import of wheat byproducts. Federal Minister for Finance Senator Ishaq Dar chaired the meeting and approved the export of 1.2 million tons of wheat out of the surplus stocks available in Punjab and Sindh.Accordingly, Punjab will export 800,000 tons while Sindh has been allocated export quota of 400,000 tons of wheat. Punjab will get a subsidy of Rs55 per metric ton for export while for Sindh this subsidy would be Rs45 per metric ton.Taking notice of unhindered import of wheat byproducts, the ECC also issued instructions for immediate ban on their import.The ECC considered a proposal moved by the Ministry of States and Frontier Regions (Safron) and approved the provision of 30,000 tons of wheat to the United Nations World Food Programme for distribution among Temporarily Displaced Persons (TDPs), catering for the period up to March 2015.The ECC also observed that in case of further requirements, Safron could revert to the forum with a fresh proposal.The ECC considered and approved a proposal by the Water and Power Minstry to attract private sector investment in transmission line projects with the inclusion of upfront tariff as an option. The ECC also accorded approval for the extension of GSA between OGDCL and Fauji Kabirwala Power Company Limited (FKPCL) for provision of 20 mmcfd of gas at the earliest but not later than February 1. Till that time, LNG is made available to the company for power generation. At its maximum generation capacity utilisation, the plant will generate 157 MW of electricity.The ECC approved Issuance of Policy directive to NEPRA to build in costs incurred by the power sector into the tariff without affecting the end consumer.The committee also approved the re-lending of the buyer credit loan to PAEC as per actual terms and conditions available to the Government of Pakistan. Based on the above approval, the revised rate comes to nine per cent comprising actual cost of loan and exchange rate risk.