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Today's News
Today is:
Wednesday, March 10, 2010, Rabiul Awwal 23, 1431 A.H. |
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| Economy back on path of stability, progress: PM |
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| F.P. Report
ISLAMABAD: Prime Minister Syed Yusuf Raza Gilani on Tuesday said with the government’s commitment, important economic targets within a period of two years had been achieved and the economy was back on the path of stability and progress.
In his opening remarks while chairing the meeting of Economic Coordination Committee of the Cabinet (ECC) at Prime Minister Secretariat, Gilani said the foreign exchange reserves were at a respectable level, while workers remittances had shown impressive growth and revenue collection with prominent improvement.
The Prime Minister also observed that the investors’ confidence was improving and manufacturing had started picking up. He termed this turn around as a result of prudent economic decision making by the government.
He further said ,” ECC decisions reflect the true aspirations of democratically elected government for the welfare of people and poverty alleviation”.
Gilani acknowledged the services of Shaukat Tareen both as Finance Minister and Chairman of ECC for conducting meetings in judicious manners and taking a number of prudent economic decisions. He said the ECC was the highest and the most important forum for economic decision making, which had direct impact not only on economy but also on the quality of life of common man.
The Prime Minister said that he introduced the system of obtaining endorsement of the Cabinet to all decisions of the ECC with a view to provide broad-based ownership to these decisions and then decided to bring these decisions to the Cabinet for information and discussion.
He wished to continue the practice of bringing ECC decisions before the Cabinet for information.
The Prime Minister opined that there was a need to find a good balance in decision making at this forum, both from the political as well as from the economic and financial perspective, keeping in view the resources and increased expenditure requirement due to war on terror and settlement of IDPs. He observed that these decisions must reflect the true aspirations of the democratically elected government for the welfare of the people and poverty alleviation. Expressing his satisfaction, the Prime Minister said the government had taken a number of bold decisions with political commitment, which had directly impacted people at large.
He mentioned that the government’s subsidy of Rs. 3 billion through Utility Store Corporation on the occasion of Eids, the price control on sugar, intervention price mechanism on wheat and rice have resulted into people’s welfare and have recorded impressive growth in the agriculture sector reducing poverty from the rural areas.
The Prime Minister urged the members of the ECC to ensure smooth and effective implementation of the decisions made here and in the Cabinet. He assured that all decisions would be taken in the best national interest and for the greater benefit of common man. The Prime Minister said any proposal / item brought before the ECC should be put up after consultation and by taking all the stakeholders on board. The decisions thus taken would have broad-based ownership ensuring speedy implementation. The Prime Minister said competitiveness and transparency be ensured in all government tendering both for the purpose of good governance and to satisfy the people.
In pursuance of earlier decision of the Cabinet, the Prime Minister directed that in order to protect the common man from the scourge of artificial price hike and machinations of hoarders and profiteers, Price Control Committees be established at the district, tehsil and town levels throughout the country.
The Committees should ensure availability of essential food items particularly sugar at the affordable prices to the common man, he added.
The Prime Minister directed the concerned authorities to ensure implementation of the Cabinet decision regarding import of sugar so as to ensure smooth supply of white sugar in April. The ECC was informed that sufficient stocks of sugar were available and the government would be able to purchase sugar at the most competitive rates which would reflect a saving of US $ 180 million. Approving the import of 0.4 million tons of Urea through TCP and its distribution by NFC/NFML for Kharif 2010, the ECC decided that Urea up to 0.1 million tons out of 0.4 million tons for remaining Rabi and Kharif season 2009-10 be imported by TCP through Karachi Port immediately. The ECC also endorsed its earlier decision of restoration of Pakistan Oilseeds Development Board (PODB).
While considering incentive package for investment in Petrochemical Complex Naphtha Cracker (NC), Polythylene (PE) Polylene (PP), the ECC allowed extension in the financial closure for a period of 12 months with effect from date of issuance of the approval. Regarding deepening and widening of Port Qasim Navigation Channel, the ECC decided to accord approval for Sovereign Guarantee, enabling loan financing for the project. In the light of recommendations of the Tariff Anomalies Committee, the ECC approved imposing 5% regulatory duty on the import of pigment thickener (PCT 3906.9030) and acrylic thickener (PCT 3906.9040).
In order to discourage export of waste and scrap of aluminium and copper and promote export of value-added products manufactured from locally available raw materials, the ECC approved imposing 25% RD on the export of waste and scrap of aluminium and copper alongwith bars, rods, ingots, slabs and billets, etc made of these materials. |
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