Economic Coordination Committee(ECC) Gathers to Scrutinize Urea Subsidy Proposal

The Economic Coordination Committee (ECC) of the Cabinet is poised for a crucial meeting today at 03:00 pm, with a pivotal agenda focused on deliberating the proposal from the Ministry of Commerce. The proposal outlines the equitable sharing of subsidies on imported urea, emphasizing a 50:50 basis technical supplementary grant.

In addition to the urea subsidy discussions, the committee is set to examine and potentially approve revised estimates for FY 2021-22, budget estimates for FY 2022-23, and the revised estimates for 2022-23 and budget estimates for FY 2023-24 of the Employees' Old Age Institution (EOBI).

A significant point on the ECC's agenda is the review of a summary pertaining to the approval of the TAPI project as a qualified investment, along with the consideration of an investment incentives package under the Foreign Investment (Promotion and Protection) Act, 2022 (FIPPA).

The committee will also address an amendment in the decision made by the ECC of the cabinet concerning the urea fertilizer requirement for the rabi season 2023-24.

Furthermore, the meeting will delve into discussions regarding the approval of principles for settling capacity deduction issues related to imported coal-based projects. This will be followed by the execution of a side agreement with Port Qasim Electric Power Company.

This gathering of the ECC signifies a pivotal moment in shaping economic policies and decisions crucial for the stability and growth of Pakistan's economy.