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ECC lifts ban on gem export, ban on gold import extended

ECC lifts ban on gem export, ban on gold import extended

ISLAMABAD: The Economic Coordination Committee (ECC) of the Cabinet has approved to lift restrictions on the export of Gem Stones. However the body extended the ban on the import of gold under SRO 760 up to 31st March.

The meeting of the Economic Coordination Committee (ECC) of the Cabinet took place under the chairmanship of the Federal Minister for Finance Ishaq Dar at the Prime Minister’s Office.

During the meeting the Finance Minister Ishaq Dar mentioned several structural reforms introduced by the government in economy to cope with the challenges faced by the country. “All economic indicators are on the positive trend. Growth is moving up, inflation is going down, foreign exchange reserves are growing, value of rupee is appreciating and the stock market is moving up,” Dar said while chairing the meeting. The economic scenario of the country is moving in the right direction, he added.

Over issue of import of gold, Ishaq Dar directed the Ministry of Commerce to re-examine the issue holistically for submission of the matter before ECC in the next meeting. However, the Minister gave a green signal to the Commerce Ministry to lift restrictions on the export of Gem Stones.

The Finance Minister observed that the main reason for increase in production is due to reduction in electricity load-shedding and enhanced supply of natural gas to the industry.

Dar added that the growth reflects renewed confidence of business community/industrialists on the economic policies of the government.