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Summary The meeting of Economic Coordination Committee was held in Islamabad.
Federal Finance Minister Abdul Hafeez Shaikh presided over the meeting. The meeting approved Rs 6.1 billion for tumbling Pakistan Railways.During the meeting, a committee has been constituted comprising Federal Minister Water and Power Naveed Qammar, Petroleum Minister Dr Asim, Governor State bank of Pakistan and Secretary Economic Affairs Division to review Pak-Iran gas pipeline project. The committee will present its report regarding the project within two or three days.The committee will hire financial advisors for arranging funds for construction of Pakistan-Iran gas pipeline as a Chinese bank backed off due to increasing US pressure.The ministerial committee, to be assisted by three federal secretaries, will review options of a possible deal with China, Russia or Iran with regards to the construction of the 800 kilometre pipeline from the Iranian border to Nawabshah.The meeting also formed a committee under the supervision of Naveed Qammar to review 1.2 million wheat exports to Iran. The Economic Coordination Committee also set urea price at Rs 1600 per 40 kilogram.
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