Tuesday, December 5, 2023

Govt will allow Afghanistan to make import payments in rupees: Miftah Ismail

Import payments to Afghanistan in Pakistani rupees will be discussed at the meeting of the Economic Coordination Committee (ECC) that Finance Minister Miftah Ismail has called for. Other topics will also be discussed during this gathering.

An eight-point agenda is expected to be discussed during the ECC meeting that will be led by Miftah Ismail, according to sources. They stated, “It includes payment of imported commodities from Afghanistan in Pakistani rupee and approval for import of 120,000 tonnes of wheat for Afghanistan.” “It includes payment of imported items from Afghanistan in Pakistani rupee.”

According to the sources, the conference will also discuss the execution of a national disease emergency to deal with lumpy skin conditions, as well as the approval of money for the payment of markup that will be paid by a heavy electrical complex.

Additionally, applications for approval of technical supplementary funds for the ministries of economic affairs and planning will be reviewed and evaluated during the meeting.

The Economic Coordination Committee (ECC) of the Cabinet voted in favor of imposing a regulatory charge of ten percent on any motor spirit that is brought into the country during the most recent meeting.

During the ECC meeting that took place in the Finance Division, consent was granted. In the chair of the meeting was Miftah Ismail, the Federal Minister for Finance and Revenue.

A summary of the imposition of regulatory duties on imports of motor spirits was provided by the Ministry of Commerce.

It has been brought to our attention that the import of Motor Spirit (MS) is subject to a customs duty of 10% in accordance with the 5th schedule of the Customs Act of 1969; however, this duty is reduced to 0% in accordance with the China Pakistan Free Trade Agreement (CPFTA).

In order to rectify this anomaly, the ECC decided, after deliberation, to permit the imposition of a regulatory charge equal to ten percent of the total value of all MS imports.

Read Also: Pakistan to buy coal from Afghanistan to curb energy crisis: PM Shehbaz

The Ministry of Industries and Production has provided a summary in order to request the allocation of funding for the SSGC in order to provide gas to Pakistan Steel Mills (PSM). It was suggested that because of the suspension of production at Pakistan Steel Mills (PSM), the company is currently receiving low flame gas at a rate of 2 MMCFD. This is done primarily for the purpose of preserving the Coke Oven Batteries and the refractories kilns, and the company’s average monthly bill is Rs80 million (Approx.).

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