ISLAMABAD, Aug 18: The Economy Monitoring Committee (EMC) directed the ministry of commerce and the Federal Board of Revenue (FBR) on Monday to firm up their recommendations to impose new taxes on import of non-essential and luxury goods.

Minister for Finance and Privatisation Syed Naveed Qamar, who presided over the meeting, is said to have told the participants that the government’s rising import bill could not be controlled unless imports were restricted by discouraging non-essential and luxurious goods.

The meeting directed the Ministry of Food, Agriculture and Livestock (Minfal) to finalise urea prices per bag, including transportation charges.

It was informed that the ministry had signed an agreement with relevant Saudi authorities for urea import worth $125 million to meet domestic crop yield related input.

Minfal briefed the EMC on government’s subsidy being provided on DAP prices against 1,60,000 tons of local production and estimated import of 2,40,000 tons to keep the prices stable and affordable for crop growers.

It also informed the meeting that NFC has been tasked to distribute urea through their especially expanded sales outlets network, besides using the USC network.

The ministry informed the meeting that a uniform list of urea distributors/dealers has been finalised and provincial governments and DCOs have been updated to ensure sufficient delivery system so that crop growers in all the four provinces are provided the vital input to maximise the production.

The EMC also directed Ministry of Water and Power to complete necessary homework and submit proposals for energy conservation.

The EMC also directed ministry of industries and production to submit proposals on forthcoming Ramazan Package on essential food items to provide relief to common man.

Minfal briefed the EMC over continued stability of food grains prices comparing it well with regional countries, including Bangladesh, China and Afghanistan.

The meeting believed that urea demand and supply position inclusive of prices shall further stabilise in consideration of government’s special measures put in place.

The subsidised DAP prices also remain stable in all the four provinces. Internationally DAP prices are likely to go down once newly-installed overseas manufacturing plants go into operation for regional stability.

The EMC directed Minfal to compare domestic, regional and international market wheat and rice prices for a uniform decision making after completing necessary homework that should take into account Rabi and Kharif season’s crop-related factors.

The committee directed the ministries of industries and food and agriculture to recheck the existing wheat and sugar stocks and ensure their equitable distribution in all the four provinces based on their requirements. It also asked them to keep vigilance over prices of ghee/edible oil so as to ensure public convenience.