ECC fixes cotton intervention price at Rs8,500 per 40 kg

Economic Coordination Committee of the Cabinet has fixed the cotton intervention price at 8,500 rupees per 40 kg for current sowing.

A meeting of ECC was held in Islamabad with Minister for Finance Senator Mohammad Ishaq Dar in the chair.

The ECC directed the Ministry of National Food Security and Research to constitute Cotton Price Review Committee with a mandate to review market prices.

The Committee on a summary of the Ministry of Commerce allowed an extension from 45 days to 60 days’ time limit for shipment of sugar from the date of quota allocation.

The forum approved the allocation of10 billion rupees to NDMA for payment for the procurement and transport of the goods to affected areas in Turkey and Syria.

In order to enable PSO to remain afloat in its payment obligations to LNG suppliers, the ECC allowed a sovereign guarantee in favour of SNGPL for commercial borrowing of 50 billion rupees on immediate basis.

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