Rs531b agri package okayed

The Economic Coordination Committee (ECC) of the cabinet on Monday approved a Rs531 billion prime minister’s agriculture package, with little impact on the budget, but deferred a decision on providing subsidised electricity to tube-wells due to its nearly Rs180 billion subsidy impact. Finance Minister Ishaq Dar chaired the ECC meeting, which approved the PM’s package with at least two amendments, to avoid possible objections by the International Monetary Fund, and deferred a decision on allotting Rs47.4 billion supplementary grant to the Election Commission of Pakistan (ECP) for holding next general elections. The ECP has withdrawn the summary for now. The ECC blocked a move by the Food Ministry to slap 20% regulatory duty on the import of cooking oil for providing relief to the local growers. Had the ECC approved the decision, it would have put Rs375 billion additional burden on the households amid an already 70% increase in cooking oil prices. The meeting proceedings exposed that Prime Minister Shehbaz had launched the agriculture package without proper homework done by the concerned ministries.