August 6, 2002	Tuesday	Jamadi-ul-Awwal 26,1423

ISLAMABAD, Aug 5: The Economic Coordination Committee of the Cabinet (ECC) on Monday completed review of the recommendations of Anomaly Committee and finalized decision to be announced by the Central Board of Revenue (CBR) shortly.

This included adjustment of tariffs for certain steel plates, motorcycles, electric motors and import of products needed by domestic airlines.

Earlier, the ECC which was presided over by Minister for Finance Shaukat Aziz noted with satisfaction that prices of essential items were stable, ample stocks of wheat flour, sugar, oil and other essential commodities were available. It noted that prices of 11 items including tomatoes, potatoes, bananas, farm chicken, moong, masoor, mash and sugar decreased. Prices of 29 items remained unchanged and the prices of petrol, gur, vegetable ghee (tin) and cooking oil increased by less than one per cent during the week ending August 1, 2002.

The meeting was also informed that Arabian Gulf crude oil prices showed continuous rise during the past six months. It rose from $18.75 per barrel in January 2002 to $19.38 in February, $25.14 in May and $24.53 in June 2002. The average price in July 2002 rose to $25.18.

The ECC was also informed about revenue numbers for July, which were 18 per cent higher over the corresponding month of last year. Gross foreign exchange reserves as of August 2 were over $7 billion. Rupee continued to be steady backed by strong inflows from abroad.

The meeting, among others, was attended by Ministers for Commerce, Communications, Agriculture, Labour, Education and Advisor to the President on Agriculture besides Federal Secretaries and Chairman CBR.