ISLAMABAD: Federal Minister for Finance and Revenue, Senator Muhammad Aurangzeb, chaired the Economic Coordination Committee (ECC) meeting today, addressing a comprehensive agenda aimed at advancing the country’s economic stability and addressing critical sectoral needs.
The meeting was attended by a high-profile panel, including Ministers Mr. Rana Tanveer Hussain (Industries and Production), Mr. Musadik Masood Malik (Petroleum), Sardar Awais Ahmad Khan Leghari (Power), Mr. Ahad Khan Cheema (Economic Affairs), Mir Jam Kamal Khan (Commerce), Mr. Ali Parvez Malik (State Finance and Revenue), along with the Governor State Bank of Pakistan, Chairman SECP, and Chairman Board of Investment. Federal Secretaries and senior officials from various ministries and divisions also participated.
Key Decisions Made During the Meeting:
- Subsidy on Imported Urea:
- Approved PKR 10 billion for the Ministry of Commerce to settle outstanding urea subsidy dues.
- Directed provinces to ensure equitable cost-sharing in subsidy payments to alleviate financial burdens and ensure timely urea availability.
- Pakistan Skills Impact Bond (PSIB):
- Deferred approval for a PKR 1 billion government guarantee.
- Directed the Ministry of Federal Education and Professional Training to develop a comprehensive plan and resubmit the summary.
- Housing and Works Grant:
- Approved a Technical Supplementary Grant (TSG) of PKR 1.884 billion for ongoing projects under the Ministry of Housing and Works.
- Siah Dik Copper Project:
- Approved the establishment of the Siah Dik Copper Project in Chagai, Balochistan.
- Declared Saindak EPZ as a Private Export Processing Zone under relevant legislative provisions.
- Information and Broadcasting Budget:
- Allocated PKR 536.1 million as a TSG for publicity and advertising under the Ministry of Information and Broadcasting.
- Digital Economy Enhancement Project (DEEP):
- Approved PKR 2.02 billion as a TSG for the Digital Economy Enhancement Project (DEEP) under NADRA.
- Quota Ratio for Wheat:
- Reaffirmed the quota ratio for local and imported wheat at subsidized rates for the remaining fiscal year.
- Funds for Islamabad High Court:
- Allocated PKR 21.25 million as a TSG for repair and maintenance of Islamabad High Court buildings.
- ZTBL Outstanding Claims:
- Approved PKR 1.086 billion to settle ZTBL’s claims under the Prime Minister’s Fiscal Package for Agriculture during Covid-19.
- PRAL Restructuring:
- Approved a restructuring plan for Pakistan Revenue Automation Limited (PRAL).
- Sanctioned PKR 3.7 billion as a TSG for revised financial flows and budgeting mechanisms.
- Special Investment Facilitation Council (SIFC):
- Approved PKR 523.08 million as a TSG to support SIFC’s development needs.
- Railii-II Hydro Power Project:
- Approved security package documents, including guarantees, for the 7.07 MW Railii-II Hydro Power Project under the Power Generation Policy 2015.
- Directed to monitor timely financial close.
- Solarization of Agricultural Tubewells:
- Approved PKR 14 billion for the Prime Minister’s National Programme for Solarization of Agricultural Tubewells, transferred under Development Expenditure.
- Rupee Cover for Water and Flood Projects:
- Allocated PKR 10 billion, including USD 105.5 million for the Water Infrastructure Project (WIF) and USD 137 million for the Flood Impact Infrastructure Project (FIIP).
- Youth Business and Agriculture Loan Scheme:
- Included Tier 4 loans in the scheme, with a 0% end-user rate on first-loss disbursed portfolios.
- Allocated PKR 8.6 billion for the current fiscal year.
- Creation of a Pension Fund:
- Approved the creation of a Pension Fund regulated by SECP through a Non-Banking Finance Company (NBFC).
- Allocated PKR 30 million as seed money and PKR 1 million for incorporation expenses.
Minister’s Closing Remarks:
In his concluding remarks, Senator Muhammad Aurangzeb stressed the importance of timely implementation of policy measures to address economic, energy, and agricultural challenges. He emphasized transparency, efficiency, and collaboration among stakeholders to ensure sustainable development and economic resilience.
