Islamabad, July 20, 2023 – Pakistan’s Economic Coordination Committee (ECC) has given the green light to a grant of Rs 42.53 billion for conducting the upcoming general elections scheduled for this year.
Chaired by Minister for Finance and Revenue, Senator Mohammad Ishaq Dar, the ECC approved a summary presented by the Election Commission of Pakistan (ECP) that requested funds amounting to Rs 42.528 billion as a Technical Supplementary Grant (TSG) for the conduct of general elections in the fiscal year 2023-24.
In a press release issued after the meeting, it was revealed that the ECC has approved an initial release of Rs 10 billion, with further releases to be made on a need basis.
The meeting was attended by several key figures, including Federal Minister for Commerce Syed Naveed Qamar, Federal Minister for Power Khurram Dastgir Khan, Federal Minister for Climate Change Senator Sherry Rehman, Minister of State for Petroleum Musadik Masood Malik, SAPM on Finance Tariq Bajwa, SAPM on Revenue Tariq Mehmood Pasha, Coordinator to the PM on Economy Bilal Azhar Kayani, and Coordinator to the PM on Commerce & Industry Rana Ihsan Afzal, along with Federal Secretaries and other senior officials.
In addition to approving funds for the general elections, the ECC also sanctioned a TSG of Rs 200 million in favor of the Special Investment Facilitation Council (SIFC) of the PM Secretariat. The SIFC aims to attract investment from the Gulf Cooperation Council (GCC) countries and other nations in sectors such as Defense, Agriculture, Minerals, Information Technology, and Energy.
To revive the film industry in Pakistan, the ECC approved a proposal to charge electricity rates to cinema houses at rates admissible to the industry.
Furthermore, the ECC addressed matters related to export policies and the revision of Cess rates for tobacco. It approved the omission of certain clauses in the Export Policy Order (EPO)-2022, which outlined conditions for exports to Afghanistan. Amendments were also made to the EPO-2022 schedule, removing exceptions concerning the export of vegetable ghee/cooking oil from Export Processing Zones (EPZs) and export-oriented units to Afghanistan.
These decisions taken by the ECC signal important steps towards the conduct of democratic processes in Pakistan and the implementation of key economic policies to boost various sectors in the country.
