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ECC approves signing of LNG agreement with Qatar Company

Latest Update: January 14, 2016 | 297 Views
ECC-LNG

ISLAMABAD: The Economic Coordination Committee of the Cabinet has approved signing of the LNG Sale Purchase Agreement with Qatar Gas Operating Company for 15 years.

At its meeting in Islamabad, chaired by Finance Minister Ishaq Dar, the Committee authorized the PSO to execute the agreement under government to government arrangement after completing the due process.

It approved export of surplus wheat of two hundred thousand tons by Sindh and four hundred thousand tons by Punjab. Exporters will be provided subsidy on the same lines as under the previous scheme which expired in September last year. The new scheme will be implemented with immediate effect and will continue till 15th of March this year.

The ECC decided that federal share of cash support on export of sugar will be allowed only to those sugar mills which purchase sugarcane at minimum price of 180 rupee per 40 KG from the farmers.

The meeting was informed that Workers’ remittances during first six months of the current financial year reached 9,735 million dollars against 9,162 million last year, showing an increase of 6.3%.

Foreign Exchange reserves crossed an all time high of 21 billion dollars last month. FBR tax collection during six months increased to 1385.2 billion rupees as compared to Rs. 1171.9 billion in the same period last year registering an increase of 18.2%. Net inflow of foreign investment during first five months of the year was recorded at 824.9 million dollars.

The Committee was told that inflation in the first half of the year remained at 2.08% as compared to 6.08% during the same period of last year.

As a result of decline in imports the trade deficit during this period stood at 11.9 billion dollars compared to 12.1 billion dollars in the corresponding period last year.