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ECC permits import of long staple cotton from India

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ISLAMABAD, May 10 (Online): A meeting of the ECC (Economic Coordination Committee) held Thursday agreed to allow import of long staple cotton from foreign markets, including India, by land routes. Meanwhile a ban on export of all kinds of lentils has been imposed to keep their prices and availability stable, and the forthcoming budget would focus on public welfare and developmental projects. The ECC made all these decisions, in a meeting presided over by PM, Shaukat Aziz. Briefing the press after the conference, the finance advisor, Dr. Ishfaq Ahmad informed that inflation was on rapid decline, falling to 7.9% in the initial ten months of previous year, while no significant increase in prices has been observed in the initial months of the current fiscal year. He said that wheat is being purchased in accordance with the set target, and to date 2.5 million tons out of a total of 5 million tons of wheat has been procured so far. Out of the purchased quota, 1.52 million tons has been purchased from Punjab, 510,000 tons from Sindh while PASCO has purchased 1.5 million tons. There is 2.5 million tons in storage already, exists, which has kept the prices stable. Similarly 2.5 million tons of sugar has been stocked, and is deemed sufficient for the next season, while cement productivity has also increased significantly, upto 35 million tons with about 2.11 million tons of it even exported to foreign countries, India among them. It has also been informed that SECP (Securities and Exchange Commission of Pakistan) has been directed to complete all the issues regarding Real Estate Investment Trust and private equity well before the presentation of annual budget, hoping that low-income groups would also be able to build homes for themselves. Among other conducive steps the condition for obtaining U$2 million equity from within Pakistan has been waived for foreign investors in insurance business, and it has been decided that items pertaining to hotel industry and shopping centres would be given one-time waiver for import taxes and duties, but would not be for resale and handled by CBR. The Associate Group would be cooperating with Port Qasim Authority to establish LNG terminal from where the government would be able to export/import LPG. The need for import of long staple cotton was also highlighted with an estimated demand to complete the 3 million-bundle shortage, and the interest of Pakistani farmers would be well cared for .

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