Allows ADB to issue offshore Pakistan Rupee Linked Bonds
The Economic Coordination Committee (ECC) has directed for accelerating efforts for wheat imports to ensure availability of the commodity and wheat flour in the country throughout the year at an affordable price.
The ECC, which met here on Wednesday with Prime Minister’s Adviser on Finance Dr Abdul Hafeez Shaikh in the chair, gave these directions to the Ministry of National Food Security and Research.
The ECC directed that the Ministry of NFSR should hold meeting with the major importers of wheat at the earliest and come up with proposals that may indicate what the expected price of the imported wheat will be and if there is any need for the government to allow subsidy on the product to keep the prices stable in the domestic markets.
The ministry briefed the ECC that combined together the provincial governments and PASSCO have already achieved 79 percent of their procurement targets. More than 120 importers have so far shown interest in importing wheat in the country.
The ECC directed the Ministry of NFSR to extend requested facilitation to the importers including waivers of different taxes and duties. The ECC also allowed Asian Development Bank (ADB) to issue offshore Pakistan Rupee Linked Bonds for international investors subject to completion with all codal formalities.
The program, according to the recommendation of State Bank of Pakistan, shall be restricted to a maximum of $200 million . The local currency proceeds of the Bonds shall be used for financing long-term infrastructure and energy projects in Pakistan.
The meeting allowed the Finance Division to release Rs1 billion to Sui Southern Gas Company Limited for undertaking gas supply to localities and villages falling within five kilometres radius of gas fields in order to comply with Supreme Court and High court decisions.