The Economic Coordination Committee (ECC) of the Cabinet, chaired by Federal Minister for Finance & Revenue Senator Muhammad Aurangzeb, has approved the import of 100,000 metric tons of urea. This decision, proposed by the Ministry of Industries & Production, aims to ensure sufficient urea supplies in the market and stabilize fertilizer prices during the cropping season.
Key Details of the ECC Meeting
The ECC meeting, held at the Finance Division, was attended by notable ministers including:
- Rana Tanveer Hussain, Minister for Industries & Production
- Musadik Masood Malik, Minister for Petroleum
- Sardar Awais Ahmad Khan Leghari, Minister for Power
- Ahad Khan Cheema, Minister for Economic Affairs
Additionally, the Governor of the State Bank of Pakistan (SBP), Chairman of the Securities and Exchange Commission of Pakistan (SECP), Deputy Chairman of the Planning Commission, Managing Director of PASSCO, Chairman of the Trading Corporation of Pakistan (TCP), Federal Secretaries, and other senior officials from relevant ministries were present.
Impact on Fertilizer Market
The approved import of 100,000 MT of urea is a strategic move to prevent potential shortages and price spikes in the fertilizer market. This measure is crucial for maintaining stable urea prices, which directly impacts agricultural productivity and the overall economy during the cropping season.
Related Developments
In related news, a Chinese Independent Power Producer (IPP) has expressed concerns to the government regarding overdue receivables, highlighting ongoing financial challenges within the sector.
