BUSINESS:
ISLAMABAD: On Tuesday, the Cabinet’s Economic Coordination Committee (ECC) set the intervention price for cotton (Phutti) at Rs8,500 per 40 kilograms for current sowing in order to revive cotton production, stabilize the domestic market, and guarantee farmers a fair return.
The ECC had a gathering — led by Pastor for Money and Income Congressperson Ishaq Dar — with Clergyman for Businesses and Creation Syed Murtaza Mahmud, Clergyman for Trade Syed Naveed Qamar, previous state leader Shahid Khaqan Abbasi, SAPM on Money Tariq Bajwa, SAPM on Income Tariq Mehmood Pasha, SAPM on Government Viability Dr Muhammad Jehanzeb Khan, bureaucratic secretaries, and other senior officials.
The finance ministry shared this on Twitter: The Cotton (Phutti) Intervention Price for the current sowing season, Rs8500/40kg, approved at the ECC meeting, which presid over by Finance Minister Senator Mohammad Ishaq Dar. Sugar export shipment time limit increased from 45 to 60 days after quota allocation.
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“Also approved Rs10 billion for NDMA to provide earthquake victims in Turkey and Syria with relief supplies!”
The Ministry of National Food Security and Research provided a summary on the cotton Intervention Price (CIP) for the crop of 2023–24. In it, they stated that announcing the CIP now, prior to the main sowing season, will assist growers in determining the area to invest in cotton crops and the amount of money to invest. It is anticipated that the move will increase yield and area by 10-15%.
The Cotton Price Review Committee (CPRC), tasked with scrutinizing market prices, established by the ECC’s directive to the Ministry of National Food Security and Research. The ECC also told the ministry to get the cotton industry involved.
After taking into consideration a summary provided by the Ministry of Commerce regarding an extension to the time limit for the shipment of sugar from the date of quota allocation, the ECC granted an extension of 45 to 60 days.
In relation to Pakistan’s assistance for the earthquakes in Turkey and Syria earlier this year, the National Disaster Management Authority (NDMA) submitted a summary of the financial requirements for the NDMA’s execution plan. The meeting attendees were inform that the devastating earthquake in Turkey and Syria resulted in significant casualties.
The NDMA instructed to maximize and extend full support beginning on February 6 in order to assist the brotherly nations during their difficult time. The ECC approved the immediate allocation of Rs10 billion to NDMA for the purchase of goods and their transportation to the affected areas in Turkey and Syria in consideration of the urgent need for assistance.
The Ministry of Energy’s Petroleum Division presented a summary of Pakistan State Oil (PSO)’s liquidity requirements for the import of petroleum products in the country. It argued that PSO imports LNG to meet the country’s energy needs for LNG and petroleum products.
PSO imports 8 to 9 LNG cargoes monthly; PSO, on the other hand, is to pay its invoices promptly in accordance with the terms of its contracts with LNG suppliers. The ECC approved an immediate sovereign guarantee in favor of SNGPL for Rs50 billion in commercial borrowing in order to allow PSO to fulfill its payment obligations to LNG suppliers and continue the LNG supply chain.
