Islamabad: The meeting of Economic Coordination Committee of the Cabinet (ECC) was held here on Tuesday. Finance Minister Asad Umar Chaired the meeting.
ECC discussed the proposal submitted by the Ministry of National Food Security & Research regarding export of surplus wheat/products as requested by Provincial Governments of Punjab and Sindh and PASSCO.
The Committee granted approval for export of 0.5 million tons of wheat by PASSCO and both provincial governments. It was decided that any financial support for freight etc. requested for the purpose will be provided by the respective provincial governments. Federal Government will pick up such costs in the case of PASSCO only.
Further, a committee comprising senior officials from Commerce, Finance and Food Security will review the situation in two week’s time and make recommendation for further exports, if required.
An IMF mission, led by Mr. Harald Finger, visited Pakistan from 7th
to 20th November 2018.
During this period, extensive talks were held between key
ministries of the Government of Pakistan, including the Ministries
of Finance, Planning, Development & Reform, and Energy, the
State Bank of Pakistan, and the IMF Mission.
The discussions covered all sectors of the economy. Members of Parliament and provincial finance ministries also exchanged views with the Mission.
The Federal Minister for Finance, Mr. Asad Umar, chaired the
concluding session with the Mission on Tuesday.
Substantive progress has been made by the Government of Pakistan and the IMF Mission towards developing a common understanding on the policy and structural reforms framework for the prospective IMF programme, including fiscal and monetary measures, corrective interventions for balance of payments sustainability, pro-poor spending, governance and development of a business-friendly environment.
The positive engagement with the IMF will continue over the coming weeks to finalise the programme with the Fund.The Government of Pakistan acknowledges and appreciates the support that the Fund is providing in achieving the Government’s broad-based development agenda aimed at enhancing the social and economic well being of the people of Pakistan.