Hammad, Razzaq sabotage attempt to fix cotton price

ECC also rejects proposal to buy produce at government level

By: News Desk      Published: 05:48 PM, 6 May, 2020
Hammad, Razzaq sabotage attempt to fix cotton price

Severe differences emerged at the ECC (Economic Coordination Committee) meeting as the cabinet members were divided over the issue of determining an intervention price for cotton, 24NewsHD TV channel reported on Wednesday.

As a result, the ECC rejected the proposals to fix the price and procure the produce at the government level.

According to sources, Federal Minister Hammad Azhar and Adviser to the PM on Trade Razzaq Dawood opposed the summary forwarded by the Ministry of Food Security.

It was suggested in the summary that Rs4,224 per 40-kg should be fixed as an intervention (support) price besides allocating Rs87 billion to buy cotton through the Trading Corporation of Pakistan.

On the other hand, Minister for Food Security Fakhar Imam defended the suggestion vehemently but failed to get decision in his favour after a hot debate.

Adviser to the PM on Finance Hafeez Sheikh, who heads the ECC, remained neutral on the issue, said the sources, adding that the summary was rejected as the majority opposed the suggestions.

Reportedly, Hammad said why the summary was presented before the ECC as the matter belonged to the provinces after 18th Amendment.