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ECC Approves Bonded Storage Policy for Petroleum

ECC approves ‘Bonded Bulk Storage Policy 2023’: F Minister Ishaq Dar.

He continued by saying that the state minister for petroleum would hold a press conference to reveal the specifics of the policy.

The minister made the statement on Twitter and said that the administration has complied with yet another promise made to the Pakistani people during the Budget Fiscal Year 2024 speech.

The National Assembly cleared the Finance Bill 2023-24 earlier this week after making a few changes to the suggested spending cuts, with a reduced outlay of Rs14.48 trillion.

The gross domestic product (GDP) growth rate was to increase by 3.5%, according to the bill.

Dar’s move to pass the measure received a majority vote in the chamber. The Finance Act will become effective on July 1 after receiving the president’s approval.

A day after Dar announced fiscal revisions totaling Rs300 billion, including fiscal tightening measures as sought by the International Monetary Fund (IMF) in a final drive to secure a much-delayed bailout package, the budget was approved.

The new policies revealed by Dar as the budget discussion came to a close included raising taxes on the salaried class and discontinuing the $100,000 asset-whitening program, indicating that the government had agreed to most of the IMF’s demands.

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