ECC Authorizes Payment of Projected Net Salary for Employees of Pakistan Steel

ECC Authorizes Payment of Projected Net Salary for Employees of Pakistan Steel

Islamabad, September 19, 2023 – The Economic Coordination Committee (ECC) has given its authorization to the Finance Division for the disbursement of projected net salaries for the first six months of the Financial Year 2023-24.

These salaries will be paid to Pakistan Steel Mill (PSM) employees, with disbursements aligned with the salary demands. The funding for these payments, amounting to Rs. 10 billion, will be sourced from the previously approved budgetary allocation.

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The meeting was chaired by the Caretaker Federal Minister for Finance, Revenue, & Economic Affairs, Dr. Shamshad Akhtar, as per a press release issued following the meeting.

During the ECC meeting, a summary presented by the Ministry of Industries & Production concerning the “Approval for Disbursement of Salary of Pakistan Steel Mill (PSM) Employees for the Financial Year 2023-24” was considered. Additionally, the Ministry of Planning, Development, and Special Initiatives provided insights into the trends of major economic indicators and the pricing trends of essential food items.

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The ECC directed the Ministry of National Food Security and Research to regularly prepare and submit reports on the availability of stocks, consumption patterns, and pricing details for staple items, particularly wheat and sugar. This measure aims to facilitate monitoring of the availability and pricing of these vital commodities.

Furthermore, the ECC instructed the Ministry of Planning, Development, & Special Initiatives to ensure measures are taken to prevent undue profiteering and maintain appropriate pricing differentials between wholesale and retail prices for essential food items and consumer products. This directive is to be enforced through the respective Chief Secretaries.

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A summary from the Ministry of Energy regarding the “Transition of London Inter Bank Offer Rate (LIBOR) to Secured Overnight Financing Rate (SOFR)” was also discussed during the meeting. The ECC directed the Ministry of Energy to conduct a comprehensive analysis of the financial implications of this transition and present it for discussion and approval in the next ECC meeting.

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Several key officials attended the meeting, including Sami Saeed, Minister for Planning, Development, and Special Initiatives; Gohar Ijaz, Minister for Commerce, Industries, and Production; Shahid Ashraf Tarar, Minister for Communication, Maritime, and Railways; Muhammad Ali, Minister for Power and Petroleum; Umar Saif, Minister of IT and Telecommunication; Advisor to PM on Finance Dr. Waqar Masood; the Governor of SBP; the Chairman of SECP; Federal Secretaries, and other senior officers.

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