ECC Allows Import of 400,000 tons of Urea through Private Sector

ECC Allows Import of 400,000 tons of Urea through Private Sector

Wednesday, September 16, 2009

The Economic Coordination Committee (ECC) of the Cabinet, which met under the chairmanship of Federal Minister for Petroleum and Privatization, Syed Naveed Qamar at the PM’s Secretariat here today, allowed the import of 400,000 tons of urea through private sector with a subsidy of Rs.750 per 50 kg bag to the private importers of urea on first come first served basis. The subsidy may be paid at the time of release of consignments on submission of Bill of Lading to State Bank of Pakistan. The bank will monitor and withhold the issuance of Letter of Credits (LCs) on the achievement of set target i.e. 400,000 tones.

The ECC also approved converting the credit of US $ 13 million into grant for