Asad expresses displeasure on issue of fertilizer pricing

Islamabad: Minister for Finance Asad Umar has expressed displeasure on the issue of fertilizer pricing and its export.

Chairing a meeting of Economic Coordination Committee of the Cabinet in Islamabad today (Wednesday), he said the interest of the poor farmers should be the supreme motivation while taking decisions. The Committee was informed that the total requirement of fertilizer for the country for this sowing season will be around six hundred thousand tons.

The meeting decided to form a committee under the chairmanship of Advisor Industry and Production Abdul Razak Dawood to hold discussions with the local fertilizer industry to ascertain the total domestic production.

The Ministry of Energy and Power Division gave a detailed presentation on the amount of piled up circular debt.

The meeting was informed that up to the last month, the amount of circular debt was standing at 596 billion rupees. Another 582 billion rupees are parked with the Power Holding companies under the STFF arrangements.

The total liability currently stands at 1188 billion rupees.

The Committee identified five to six key areas that accounted for the pile up of these liabilities and formed different committees to work upon the reasons and formulate their suggestions.

These suggestions will be later presented to the Cabinet for the approval and adopting future course of action.

The Chairman ECC said all facts will be shared with the public to make decision making a transparent and inclusive exercise.