ECC Extends Subsidized Rates for Essential Items through USC until June Next Year

ECC Extends Subsidized Rates for Essential Items through USC until June Next Year

Islamabad, August 8, 2023 – The Economic Coordination Committee (ECC) of the cabinet has given its nod to the extension of the Prime Minister’s Relief Package for five essential items, ensuring subsidized rates through the Utility Stores Corporation (USC).

This initiative will be in effect from August of this year until the 30th of June next year, providing essential relief to consumers.

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The decision was reached during a meeting of the ECC, presided over by Finance Minister Ishaq Dar in Islamabad. The continuation of subsidized rates for essential items demonstrates the government’s commitment to alleviating the burden on citizens, especially in the face of economic challenges.

In line with the ECC’s directive, there will be no increase in the price of flour (atta), helping to maintain its affordability for consumers. This step is aimed at ensuring the stability of an essential staple in the daily lives of Pakistanis.

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Additionally, the ECC approved modifications to the incentive schemes offered by the State Bank of Pakistan. These changes are intended to encourage a greater inflow of remittances through formal channels, contributing to a more transparent and organized financial landscape.

Furthermore, the committee granted approval for tariff rationalization for K-Electric. Adjustments in tariff rates for the months of April, May, and June of this year will be implemented and subsequently recovered from consumers over a span of three months (July, August, and September 2023).

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In a bid to address energy matters, the ECC greenlit amendments in the contract with TAVANIR Iran. The modifications encompass the extension of the power tariff for the existing supply of 104MW, negotiations for tariff rates for additional supply (Polan-Gabd), and agreed tariff rates for an additional supply of 100MW through the Polan-Gabd Transmission Line. These adjustments will remain in effect from March 16 of the current year until December 31 of the following year.

The ECC’s commitment to social welfare and the arts was also demonstrated through financial grants. A technical supplementary grant of 3,000 million rupees was approved in favor of the Ministry of Information & Broadcasting. This grant will support the Prime Minister’s Health Insurance Scheme for Media Workers, Journalists, Artists, and the Film Finance Fund.

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Additionally, the ECC endorsed a technical supplementary grant of 500 million rupees for the Ministry of Defence. These funds are earmarked to address security-related requirements during the fiscal year 2023-24.

These decisions reflect the government’s dedication to providing relief to citizens, supporting economic growth, and ensuring the well-being of various sectors within the country. The ECC’s multifaceted approach underscores its commitment to addressing a range of crucial issues and maintaining stability in various domains.

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