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Economic Coordination Committee fixes cotton price

ISLAMABAD: The Cabinet’s Economic Coordination Committee (ECC) set the cotton (phutti) intervention price at Rs8,500 per 40Kg for current sowing to boost cotton production, stabilize the domestic market, and ensure a fair return to farmers in the country.

Senator Mohammad Ishaq Dar, Minister of Finance and Revenue, presided over the Economic Coordination Committee (ECC).

The Ministry of National Food Security and Research submitted a summary of the cotton intervention price (CIP) for the 2023-24 crop, arguing that the announcement of the CIP at this time, ahead of the main sowing season, will help growers decide on the area and investment in cotton crop, which is expected to increase yield and area by 10-15%.

The Cotton Price Review Committee (CPRC), which has the authority to examine market pricing, was created at the direction of the ECC by the Ministry of National Food Security and Research. The ministry was additionally instructed by the ECC to actively involve the cotton industry.

After carefully deliberating, the ECC approved a proposal from the Ministry of Commerce to extend the time limit for shipping sugar from the date of quota allocation from 45 to 60 days, according to a statement from the state press agency.

Regarding Pakistan’s support for the earthquakes in Turkey and Syria in 2023, the National Disaster Management Authority (NDMA) submitted a summary of the funding requirements for the NDMA implementation plan. According to the information provided, Turkey and Syria suffered greatly as a result of the terrible earthquake.

NDMA was instructed to maximize and extend full support beginning on February 6 in order to assist the friendly nations during this trying period. The ECC approved the immediate allocation of Rs. 10 billion to NDMA for payment for the procurement and shipping of the items to affected areas in Turkey and Syria in consideration of prompt assistance and support to brothers and sisters in those countries.

The Ministry of Energy’s (Petroleum Division) description of PSO’s liquidity needs for the import of petroleum products into the nation contended that PSO is importing LNG to meet the nation’s energy needs, which include both LNG and petroleum products.

The PSO imports 8-9 LNG cargos per month, and according to the contracts with LNG suppliers, the PSO is required to clear the invoices within the time frame. To enable PSO to meet its payment obligations to LNG suppliers and maintain the LNG supply chain, the ECC approved an immediate sovereign guarantee in favor of SNGPL for a commercial borrowing of Rs. 50 billion.

Syed Murtaza Mahmud, Minister of Industries and Production, Syed Naveed Qamar, Ex-Prime Minister Shahid Khaqan Abbasi, SAPM on Finance Tariq Bajwa, SAPM on Revenue Tariq Mehmood Pasha, SAPM on Government Effectiveness Dr. Muhammad Jehanzeb Khan, federal secretaries, and other senior officers attended the meeting.

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