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Imported urea price slashed by Rs110 per bag (Courtesy The Nation)
The government on Monday decided to reduce the price of imported urea fertilizer by Rs110 per bag to Rs1200 per bag.The Economic Coordination Committee, which met under the chair of Finance Minister Ishaq Dar, considered and approved the summary presented by Ministry of Industries and Production for the reduction in price of imported urea fertilizer lying with NFML (National Fertilizer Marketing Company Limited). The Committee had earlier fixed the price of the imported urea at Rs1310 per bag. The ECC had earlier formed a Committee headed by Secretary Industries and Production to propose steps for the enhancement of sales of the imported urea. The Committee, in yesterday’s meeting, presented its report and suggested measures to boost the sales and recommended reduction in price. ECC, after detailed deliberations, reduced the price to Rs1200 per bag. An official of the Ministry of Industries and Production informed The Nation that there was considerable increase in the production of urea due to the import of LNG and its availability to the fertilizer plants. He further said that government wanted to sell the urea at lower prices, which was imported in 2015. There is around 1. 5 million stock of imported urea with the NFML, he added. It is worth mentioning here that federal government, in the budget 2016-17, had announced to reduce the domestically produced urea price to Rs1400 per bag from Rs1800 per bag, which would cost Rs36 billion to the national kitty. Similarly, the price of DAP was also decreased to Rs2500 from Rs2800 per bag, costing Rs10 billion to the federal as well as provincial governments. The ECC also accorded approval to the proposal of the Ministry of Finance for the Issuance of Sukuk, 2016. The Committee was informed that as the international rating agencies have improved the ratings of Pakistan, the current issue of the Sukuk is expected to bring in a better yield per pricing. Finance Division also requested the exemption of certain taxes and duties for making the sale of the Sukuk a desirable transaction for the foreign investors, which was approved by the ECC. The government had already initiated the process to issue $750 million worth of Sukuk bonds in international market to repay the debt borrowed by Pervez Musharraf government in 2007 at 6.75 percent interest rate.
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