ECC approves Rs 8.2 billion Ramzan Relief Package

ISLAMABAD, March 15: The Economic Coordination Committee (ECC) of the Cabinet here on Tuesday approved in principle the Ramzan Relief Package -2022, involving subsidy of Rs8.2 billion.
The relief package, presented by Ministry of National Food Security & Research (MNFS&R) has been approved for the whole population of the country rather than only 20 million households registered with Ehsaas Rashan Riyat Programme with directions to frame procedural mechanism for limiting the interventions by each family.
The ECC meeting was presided over by Federal Minister for Finance and Revenue, Shaukat Tarin, according to press statement issued by the Finance Ministry.
The MNFS&R submitted another summary regarding intervention price for Cotton Crop (2022-23). In order to revive cotton production in the country, bring stability in domestic market and assure fair return to the farmers, the ECC allowed Rs. 5,700/40 kg threshold intervention price of seed-cotton.
The ECC further allowed to initially procuring two million bales of cotton at intervention price with direction that quantity would be reviewed on monthly basis.
The ECC allowed Ministry of Economic Affairs to sign 15 debt rescheduling agreements with various credit countries, finalized under Debt Service Suspension Initiative (DSSI).
The committee also approved the proposal of Petroleum Division regarding issuance of sovereign guarantee amounting to Rs 21,000 million in favour of M/s Faysal Bank Limited at considerably lower markup rate for the remaining tenor of the loan i.e four and half years along with issuance of letter of comfort for new finance agreement with respect to pipeline infrastructure development project LNG-II.-TLTP