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  • ECC approves cash reward for promotion of IT exports

    ECC approves cash reward for promotion of IT exports

    ISLAMABAD: The Economic Coordination Committee (ECC) of the Cabinet on Monday approved cash reward for incentivizing IT exports and to encourage documentation of exporters/exports.

    Federal Minister for Finance and Revenue, Shaukat Tarin, presided over the meeting of the ECC of the Cabinet, held at the Finance Division.

    The ECC approved the allocation of Rs 4 billion to PSEB for disbursement of cash reward incentive in order to incentivize IT exports and to encourage documentation of exporters/exports.

    The cash reward incentive shall be provided for the IT and IT-enabled services exporters promoting export proceeds through banking channels via State Bank of Pakistan (SBP) allocated banking codes.

    The ECC considered and approved a summary presented by the Ministry of Information Technology and Telecommunication regarding allocation of Rs. 2 billion as a single line budget for Pakistan Software Export Board (PSEB), an apex Government body, mandated to strengthen and promote the IT sector exports of Pakistan.

    Federal Minister for Industries and Production Khusro Bakhtiar, Federal Minister for Energy Hammad Azhar, Federal Minister for Railways Azam Khan Swati, Minister of State for Information Farrukh Habib, Advisor to PM on Commerce Abdul Razak Dawood, Federal Secretaries and other senior officers participated in the meeting.

    Secretary, Ministry of Industries and Production presented a summary regarding provision of gas to Pak Arab and Fauji Fertlizer Bin Qasim Limited (FFBQL) to review demand for urea fertilizer during the Rabi season 2021-22.

    After detailed discussion, the ECC approved maximum provision of gas to Pak Arab (58MMCFD) and FFBQL (63MMCFD) to ensure that estimated demand for urea fertilizer is met through domestic production. The decision will stabilize prices of urea fertilizer and ensure its smooth supply throughout the country during Rabi season 2021-22.

    Lastly, Ministry of Commerce presented a Textile and Apparel Policy, FY 2020-25. After due deliberation, the ECC constituted a sub-committee comprising of representatives of Ministry of Commerce, Finance Division, Ministry of Industries and Production, Power and Petroleum Divisions, FBR and State Bank of Pakistan to review and present an updated policy before ECC in a couple of weeks.

    ECC approves loyalty program for home remittances
  • ECC approves loyalty program for home remittances

    ECC approves loyalty program for home remittances

    ISLAMABAD: The Economic Coordination Committee (ECC) of the Cabinet of Thursday approved a loyalty program to encourage overseas Pakistanis to send remittances home through legal channels.

    The ECC meeting was chaired by the Finance Minister Shaukat Tarin. The finance ministry tabled the summary regarding incentives /rewards to overseas Pakistanis remitters under National Remittance Loyalty Program (NRLP) which has been branded as Sohni Dharti Remittance Program.

    The remitters will be awarded points against remittances sent by them to Pakistan through legal channels.

    After due deliberations, the ECC recommended that the option of cash redemption may only be offered to those overseas Pakistani remitters who return to Pakistan permanently.

    However, Overseas Pakistanis shall be qualified to avail services (such as PIA ticket, Mobile phone duty payment etc) against redemption of the accumulated points awarded under NRLP.

    Ministry of National Food Security and Research (NFS&R) presented a summary to update the forum about the cotton seed prices during the months of August and September 2021. The domestic prices remained above the threshold set, barring for couple of days due to rains. The ECC expressed satisfaction that farmers are getting their due prices.

    Ministry of National Food Security and Research (NFS&R) tabled a summary regarding allocation/release of 280,000 MT of wheat to the Utility Stores Cooperation (USC) till December 2021. A quantity of 90,000 MT has already been provided as an interim arrangement whereas the remaining 190,000 MT will be provided from PASSCO’s stocks (local or imported as per stock availability with PASSCO). The ECC approved the allocation/release of remaining 190,000 MT to USC to ensure smooth supply of wheat through chain of USCs across the country.

    On a summary moved by the Ministry for National Food Security and Research, the ECC recommended the allocation of total quantity of 300,000 MT of wheat to the AJ&K Government out of PASSCO stock during the current financial year. This includes 140,000 MT of wheat which has already been released to AJ&K by the Ministry of NFS&R as an interim arrangement. The ECC directed the referring division to provide wheat to AJ&K with a best possible combination of indigenous and imported wheat.

    The ECC considered and approved the summary tabled by the Ministry of Overseas Pakistanis and HRD regarding Annual Budget for the FY2021-22 & revised Budget for the FY 2019-20 of the Employees Old-age Benefits Institution (EOBI).

    The ECC considered and approved a Technical Supplementary Grant (TSG) amounting to Rs. 6.4 billion in favour of Cabinet Division for Special Technology Zones Authority (STZA) during the current FY-2021-22.

    Lastly, on a summary tabled by the Ministry of Commerce regarding export of tomatoes and onions, the ECC after detailed discussion, constituted a sub-committee headed by the Finance Minister to consider monthly projections regarding export of perishable commodities on basis of estimated production, consumption and surplus to be presented by the M/o Commerce.

    It was decided that decision to export above mentioned vegetables will be taken by the sub-committee.

    Federal Minister for Planning Asad Umar, Federal Minister for Industries and Production Khusro Bakhtiar, Minister of State for Information Farrukh Habib, Advisor to PM on Commerce Abdul Razak Dawood, Governor SBP Dr. Reza Baqir, Secretary Power Division, Secretary M/o NFS&R, Secretary Commerce, Chairman FBR, Chairman SECP, MD USC and other senior officers participated in the meeting.

    FBR not to ask source of remittances sent through ECs
  • ECC approves import of 550,000MT wheat

    ECC approves import of 550,000MT wheat

    ISLAMABAD: The Economic Coordination Committee (ECC) of the Cabinet on Thursday approved a summary for import of 550,000 metric tons of wheat for the fiscal year 2021/2022.

    Finance Minister Shaukat Tarin presided over the meeting of the ECC.

    The ECC approved the summary by the ministry of National Food Security and Research (NFS&R), regarding the award of the fifth international wheat tender to import 550,000 MT (after matching process) of wheat for the FY 2021/2022.

    ECC granted approval to the summary presented by the Ministry of Interior for Technical Supplementary Grant amounting to Rs.83.3 million for procuring services from NADRA regarding the project for automation of Power of Attorney (POA) for Overseas Pakistanis. The ECC accorded approval with the direction that MOFA and M/o Interior may hold a joint consultative session to work out modalities in this regard.

    Ministry of Industries and Production tabled a summary before ECC regarding the continuation of the Prime Minister’s relief package-2020 for the provision of five essential items on subsidized rates which are scheduled to expire on September 30, 2021. The ECC granted an extension for one month with a direction to present a detailed summary before ECC, keeping in view, international price hike in essential food commodities.

    On a summary moved by the Power Division regarding quarterly tariff adjustments of K-Electric, the ECC decided that the Power Division may approach NEPRA to review its earlier decision on the issue and present an updated summary before ECC for consideration.

    Power Division tabled another summary regarding levy of Sales Tax on subsidy granted by Federal Government to DISCOs. After seeking input from all concerned, the ECC decided that the matter may be referred to the Law Division for seeking opinion and legal interpretation may be presented before the Committee for further deliberations.

    The ECC considered and approved a summary, presented by the Ministry of Information Technology and Telecommunications, regarding revised budget estimates for the FY 2020-21 and FY 2021-22 respectively.

    The ECC approved summary by the Power Division regarding approval of payment mechanism for TNB Liberty Power Limited.

    The ECC also approved the proposal as part of settlement with other relevant IPPs.

    Lastly, on a summary moved by the M/o Industries and Production, the ECC approved a tender for import of 100,000 MT of urea for building strategic reserves of urea fertilizer during the Rabi season FY 2021-22.

    The meeting was attended by Federal Minister for Planning Asad Umar, Federal Minister for Energy Hammad Azhar, Federal Minister for Railways Azam Khan Swati, Federal Minister for National Food Security & Research Syed Fakhar Imam, Federal Minister for Interior Sheikh Rasheed Ahmad, MOS for Information Farrukh Habib, Federal Secretaries, Chairman FBR and other senior officers.

    ECC stresses commodities stocks amid Afghan situation
  • ECC stresses commodities stocks amid Afghan situation

    ECC stresses commodities stocks amid Afghan situation

    ISLAMABAD: The Economic Coordination Committee (ECC) of the Cabinet on Wednesday emphasized the importance of building strategic reserves of commodities in wake of evolving situation in Afghanistan.

    (more…)
  • ECC approves continuation of subsidy to export sector

    ECC approves continuation of subsidy to export sector

    ISLAMABAD: The Economic Coordination Committee (ECC) of the Cabinet on Monday approved continuation of subsidy on supply of gas and electricity to export sector.

    Finance Minister Shaukat Tarin presided over the ECC meeting. The ministry of commerce gave a detailed presentation for continuation of reduced rates of electricity and RLNG to export oriented sectors.

    Secretary commerce briefed the Committee that extension of concessional rates of electricity and RLNG is important for sustained increase in exports by providing energy at regionally competitive rates.

    After due deliberations, the committee approved the continuation of electricity and gas subsidy for export-oriented sectors to support the momentum of growth in exports during the FY 2021-2022.

    The finance minister emphasized the need to incentivize export-oriented sectors in order to take our exports to the next level. He also stressed the need to rationalize usage of energy inputs. For this purpose, the ECC constituted a sub-committee comprising Minister for Energy, Minister for Industries & Production, Advisor on Commerce, Deputy Chairman Planning Commission, Additional Secretary (CF) Finance Division and other relevant officials for presenting a plan to resolve the issue of continued use of gas by some units for power generation and non-cooperation in audit of such use.

    The sub-committee was directed to present its recommendations before ECC within 30 days for further deliberation.

    The ECC considered and approved a summary presented by the Power Division for extension of incremental consumption package for K-Electric industrial consumers of X-WAPDA DISCOs & K-Electric and application of incremental consumption package for BI(Non ToU) consumers of X-WAPDA DISCOs and K-Electric at the rate of Rs.12.96/kwh from 1st July 2021 to 31st December 2021.

    The cabinet committee approved another summary by the Petroleum Division regarding NOC for issuance of the Parent Company Guarantees/Corporate Guarantees by each of the consortium companies, on a joint and several basis, in favour of ADNOC and SCFEA to pursue international exploration and production opportunity in Abu-Dhabi, United Arab Emirates.

    Federal Minister for Privatization Muhammad Mian Soomro, Federal Minister for National Food Security & Research Syed Fakhar Imam, Federal Minister for Industries and Production Makhdoom Khusro Bakhtiar, Federal Minister for Energy Muhammad Hammad Azhar, Federal Minister for Economic Affairs Division Omar Ayub Khan, Adviser to the PM on Commerce Abdul Razak Dawood, Adviser to the PM on Institutional Reforms and Austerity Dr. Ishrat Hussain, SAPM on Finance and Revenue Dr. Waqar Masood, SAPM on Power & Petroleum Tabish Gauhar, Federal Secretary Finance, Secretary M/o Industries and Production, Secretary M/o NFS&R, Secretary Power, Secretary Petroleum, Chairman FBR and other senior officers participated in the meeting, Governor SBP Dr. Reza Baqir also participated through video link.

    SBP to launch rewards for inward remittances
  • SBP to launch rewards for inward remittances

    SBP to launch rewards for inward remittances

    ISLAMABAD: State Bank of Pakistan (SBP) will launch incentives/ rewards for overseas Pakistanis on transactions of inward remittances.

    The SBP will launch a mobile phone application for overseas Pakistanis, which will offer incentives/rewards to overseas Pakistani against each remittance transaction in accordance under criteria.

    The above application will be formally launched towards the end of October 2021, this was discussed at a meeting of Economic Coordination Committee (ECC) of the Cabinet of Wednesday.

    Finance Minister Shaukat Tarin chaired the meeting. The Secretary Finance made a detailed presentation on National Remittance Loyalty Program (NRLP) before the Committee.

    He stated that remittances form backbone of the economy. The proactive policy measures by the Government and the SBP have incentivised the overseas Pakistanis and encouraged them to remit their hard earned money through formal channels.

    This has contributed in achieving record remittance of $29.4 billion in the last fiscal year. It’s a clear reflection of confidence in Pakistan’s economy by overseas Pakistanis.

    After due deliberations, the ECC approved the structure and estimated financial impact of the NRLP with a view to incentivize remitters to transfer funds through formal channels thus further strengthening the inflow of remittances.

    The Finance Minister directed to exercise due diligence before the launch for seamless integration with all service providers to ensure smooth working of NRLP.

    Among others, Federal Minister for Interior Sheikh Rasheed Ahmed, Federal Minister for Privatization Muhammad Mian Soomro, Federal Minister for Energy Hammad Azhar, Federal Minister for Planning and Development Asad Umar, Advisor to the PM on Commerce Abdul Razak Dawood, Advisor to the PM on Institutional Reforms and Austerity Dr. Ishrat Hussain, SAPM on Power & Petroleum Tabish Gauhar, SAPM on Finance and Revenue Dr. Waqar Masood, Federal Secretaries and other senior officers participated in the meeting. Governor State Bank of Pakistan Reza Baqir also participated through a video link.

    Remittances flow $2bn for 13th consecutive month
  • ECC approves hike in prices of sugar, wheat flour, edible ghee

    ECC approves hike in prices of sugar, wheat flour, edible ghee

    ISLAMABAD: The Economic Coordination Committee (ECC) of the Cabinet on Friday approved increase in prices of three essential items.

    Shaukat Tarin, Federal Minister for Finance and Revenue chaired the meeting.

    Ministry of Industries and Production presented a summary regarding extension of the Prime Minister’s Relief Package-2020. The package has provided subsidies on five essential commodities from July 15, 2021 to September 30, 2021. The extension has been provided till the Enterprise Resource Planning (ERP) system becomes fully operational.

    Moreover, the ECC also approved the revision in prices of three essential commodities namely Atta (20 kg bag) to Rs. 950, Ghee (per kg) to Rs. 260 and Sugar (per kg) to Rs. 85 respectively. The increase was granted because of increasing gap between the subsidized prices and the prevailing market prices.

    The committee approved revision in prices of three essential commodities to rationalize provision of subsidies by the Utility Stores Corporation (USC).

    Federal Minister for National Food Security and Research Fakhar Imam, Federal Minister for Energy Hammad Azhar, SAPM on Finance and Revenue Dr. Waqar Masood, SAPM on Power and Petroleum Tabish Gauhar, SAPM on Youth Affairs Usman Dar, Secretary Finance Division, Secretary Communication, Secretary M/o Industries and Production, Governor SBP, Chairman PTA and other senior officers participated in the meeting.

    The ECC considered and approved a summary regarding the elimination of documents attestation fee for goods imported into Pakistan from Kenya as this Non-Tariff Measure (NTM). The decision by the Committee would facilitate trade between the two countries and enhance Pakistan’s market share in the region.

    The ECC approved a summary regarding non-cash settlement for power sector re-lent loans against subsidies payable by the government amounting Rs.116 billion.

    The ECC approved “Kamyab Pakistan Program”. A flagship program which shall extend micro-loans to entrepreneurs and farmers under “Kamyab Karobar” and “Kamyab Kissan” schemes respectively.

    The program shall also provide low cost housing loans through NAPHDA. The Kamyab Pakistan Program also includes ongoing skill development program for educational and vocational training under the title “Kamyab Hunarmand”.

    The Kamyab Pakistan Program is aimed at extending loans to 04 million households at the lowest strata, as registered with the National Socio Economic Registry (NSER) of Ehsaas. Loans worth Rs.0.5 million, Rs.0.150 million and Rs.0.2 million through Micro-Finance Providers for Kamyab Karobar and Kamyab Kissan at 0% mark up will be provided. The third component of the scheme is introduction of a new tier in Naya Pakistan Low Cost Housing Scheme wherein loans of Rs.2.7 million (for NAPHDA) and Rs.2 million (for Non-NAPHDA) projects will be given at subsidized rates.

    The salient features of the Kamyab Pakistan Program include loan size of Rs.150,000 (per crop) for purchase of agricultural inputs. The commutative disbursement under the program would be Rs.1.6 billion over the period of 03 years. It shall benefit 30,00,000 families.

    The ECC commended all concerned for working out such a detailed program aimed at “bottom-up approach” for reducing poverty as envisaged by the Prime Minister.

    The Finance Minister stated that the consultative process was followed in working out modalities of the Kamyab Pakistan Program ensuring that all relevant stakeholders are on board and micro-loans shall be disbursed as per the given criteria.

    The ECC also considered and approved the Draft Policy Directives related to Auction of Next Generation Mobile Services (NGMS) in Azad Jammu & Kashmir (AJK) as submitted by the Ministry of Information Technology and Telecommunication before the Committee. This is the first time that the NGMS will be auctioned in AJK and it will improve mobile broadband services in the region.

    Moreover, ECC also decided that for the payment of the Auctioned licence fee, the method in-vogue in the earlier auction processes will be followed. Ministry of Maritime Affairs presented a summary regarding award of Engineering Consultancy Service contract for up-gradation of Port Qasim Authority (PQA) amounting to Rs.86.6 million.

    The ECC approved the execution of the project. ECC allowed Post Qasim Authority, Karachi Port Trust and Gwadar Port Authority Boards to transfer their Marine assets to the Pakistan Marine and Shipping Services Company Private Limited (PMSSC), a subsidiary of Pakistan National Shipping Corporation.

    The maximum rates to be charged by the Pakistan Marine & Shipping Services Company (PMSSC) from the Public Sector ports & harbours shall be determined from time to time by Ministry of Maritime Affairs through a notification in official gazette.

    The Ministry of National Food Security and Research (M/o NFS&R) presented a summary regarding procurement of 200,000 cotton bales by TCP to promote cotton production and bring stability in the domestic market.

    The ECC also approved formation of Cotton Price Review Committee (CPRC) with a mandate to review market price and propose intervention at fortnightly basis.

    The ECC also approved a summary by the M/o Industries and Production for importing 200,000 metric tons of sugar to build strategic reserves and minimize the role of speculative elements in the domestic market. In case of need more reserves will be built through import, the ECC decided.

    ECC approved the amendment in its earlier decision dated 19-02-2021 regarding the “Prime Minister’s” fiscal package for Agriculture in the wake of COVID-19 Kharif”. The package offered subsidy on DAP@1500Rs/acre for cotton and rice crops, during the Kharif Season 2021. Now according to the amendment, the farmers can avail subsidy on any phosphatic fertilizer according to their choice.

  • ECC approves policy for regulation of NGOs/NPOs receiving foreign funds

    ECC approves policy for regulation of NGOs/NPOs receiving foreign funds

    ISLAMABAD: Economic Coordination Committee (ECC) of the Cabinet in its meeting held on Wednesday approved the ‘Policy for Regulation of NGOs/NPOs receiving Foreign Contributions-2021’.

    The NGO Policy, 2021 has been designed with the aim to fostering a sense of partnership between government and non-government sectors.

    Furthermore, under the new policy approval process (for registration) will be completed within 60 days, maximum, through online submission of application and consultation, doing away with manual processing and eliminating long delays.

    The new policy seeks to expand space for credible organizations for a playing an effective role in socio-economic development while detering NGOs with dubious credentials.

    ECC appreciated the efforts of Economic Affairs Division for designing the much needed policy and directed that any further suggestions/positive feedback from all the relevant stakeholders may also be incorporated in the policy and a report on the same may be shared with the forum in 4-8 weeks.

    Federal minister for finance and revenue, Shaukat tarin, chaired the meeting of the economic coordination committee (ECC) of the cabinet.

    Federal Minister for Energy Hammad Azhar, Federal Minister for Railways Azam Sawati, Federal Minister for Economic Affairs Division Omar Ayub Khan, Federal Minister for Maritime Affairs Ali Haider Zaidi, Federal Minister for National Food Security & Research Syed Fakhar Imam, Federal Minister for Privatization Muhammad Mian Soomro, Adviser to the Prime Minister on Commerce Abdul Razak Dawood, Adviser to the Prime Minister on Institutional Reforms and Austerity Dr. Ishrat Hussain, SAPM on Power Tabish Gauhar, SAPM on Finance and Revenue, Dr. Waqar Masood, Governor State Bank of Pakistan Dr. Reza Baqir, concerned Federal Secretaries and senior officers participated in the meeting.

    ECC approved the request of Ministry of National Food Security and Research for the provision of 500,000MT of wheat to the Government of Khyber Pakhtunkhwa out of PASSCO stock during the crop year 2021-22 on the usual terms and conditions. All charges, including incidental charges will be borne by the Food Department, KP. Similarly, 500,000MT imported wheat was also allocated to Food Department, KP to meet the provincial requirement.

    ECC approved the summary of Ministry of Energy (Petroleum Division) for allowing operational losses upto a maximum of 0.5% for gasoline transportation through WOP & MFM pipelines through Inland Freight Equalization Margin (IFEM). The same will be adjusted against actual based on physical inventory of pipelines to be undertaken periodically. The actual rate will be determined by OGRA based on actual losses and excess margin would be brought before ECC. ECC also approved the request of Ministry of National Food Security & Research for import of 3MMT of wheat subject to approval by PPRA Board for building up the strategic reverses of wheat in the country.

    ECC approved US$ 17.3m for PIA-IL for payment of recurring as well as one-off liabilities in respect of Roosevelt Hotel New York, USA, as verified by the Auditor and recommended by PIA-IL Board. ECC also directed that Finance, Privatization Commission, PIA/Aviation Division should consult with each other and propose a strategy in a month’s time for deciding the future of the asset.

    The following Technical Supplementary Grants were approved by the ECC:

    i) Rs. 1.370 billion for the Finance Division to provide wheat subsidy to the Government of Gilgit Baltistan.

    ii) Rs. 32.097 million for the Ministry of Industries and Production to meet the expenditure of its various Organizations.

    iii) Rs. 1.6 billion for the Ministry of Industries and Production for clearing the bill of SNGPL for the month of May 2021

     iv) Rs. 274.161 million for the Ministry of Information and Broadcasting to meet the shortage of budget of PTV Multan, AJK, English News Channel and APPC.

    v) Rs. 570 million for the Ministry of Interior for Security enhancement at Pakistan-Afghanistan Border.

    vi) Rs. 56.341 million for the Ministry of Maritime Affairs for its various miscellaneous expenditure.

    vii) Rs. 145 million for Pakistan Nuclear Regulatory Authority to meet its various employee related expenses.

    viii) Rs. 2.467 billion for Revenue Division for meeting the requirements of Pakistan Raises Revenue Program.

    ix) Rs. 834 million for Pakistan Atomic Energy Commission to meet its employee related expenditure.

    x) Rs.49 billion for Karachi Coastal Power Project Unit 1 & 2 as requested by Pakistan Atomic Energy Commission.

  • Payment to 12 IPPs withheld for NAB cases

    Payment to 12 IPPs withheld for NAB cases

    ISLAMABAD: Economic Coordination Committee of the Cabinet (ECC) has approved payment of first installment to 35 Independent Power Producers (IPPs) out of total 47 whereas payment to the remaining 12 IPPs (under Power Policy 2002) may be withheld owing to the NAB investigation.

    Federal Minister for Finance and Revenue Shaukat Tarin chaired the meeting on Wednesday. Power Division presented a summary before the ECC regarding release of first installment of payment to IPPs.

    Secretary Power Division briefed the Committee about the recommendations of the sub-committee constituted during ECC last week.

    “The ECC approved payment of first installment to 35 IPPs out of total 47 whereas payment to the remaining 12 IPPs (under Power Policy 2002) may be withheld owing to the NAB investigation,” according to as statement.

    Federal Minister for Privatization Muhammad Mian Soomro, Federal Minister for Interior Shaikh Rashid Ahmad, Federal Minister for Economic Affairs Division Omar Ayub Khan, Federal Minister for Planning, Development and Special Initiatives Asad Umar, Federal Minister for Energy Muhammad Hammad Azhar, Federal Minister for Industries and Production Makhdum Khusro Bakhtyar, Federal for National Food Security & Research Syed Fakhar Imam, Federal Minister for Maritime Affairs Ali Haider Zaidi, Adviser to the PM on Commerce Abdul Razak Dawood, Adviser to the PM on Institutional Reforms and Austerity Dr. Ishrat Hussain, SAPM on Finance and Revenue Dr. Waqar Masood, SAPM on Power & Petroleum Tabish Gauhar, Federal Secretaries, Chairman BOI and other senior officers participated in the meeting.

    Governor State Bank of Pakistan Reza Baqir also joined through a video link.

    Secretary Power gave a detailed briefing to the Committee regarding a draft summary for approval of arrangement for providing additional power from NTDC to K-Electric since April 2020.

    The Secretary Power also raised the issue of non-payment for the additional power supply by K-Electric to Power Division.

    After Detailed discussion, the ECC constituted a Sub-Committee comprising Federal Minister for Planning, Federal Minister for Energy, Federal Minister for Maritime Affairs and SAPM on Power to be headed by the Finance Minister to negotiate with the Karachi Electric for settlement of payment dispute amicably.

    Power Division placed a summary before the ECC regarding tax on payments to the offshore supply contractors of Independent Power Producer(s) located in AJ&K.

    The ECC considered and approved the summary to facilitate swift processing of such projects due to its strategic importance.

    The ECC considered and approved a summary tabled by the Ministry of Industries and Production regarding exemption from duties and taxes for import of oxygen gas, oxygen gas cylinder and cryogenic tanks by oxygen concentrators / Generators / manufacturing Plants under respective Harmonized System (HS) codes for a period of 180 days to cope with the increased requirement of oxygen during the third wave of COVID-19 in the country.

    Ministry of Commerce presented a summary regarding implementation of United Nations Security Council Resolutions (UNSCRS) through export Policy Order, 2020 and Import policy Order, 2020.

    The ECC considered and approved the summary.

    Lastly, Power Division presented a summary before the Committee regarding retargeting of power sector subsidies for electricity consumers during phase-I in consultation with Ehsaas and Finance Division. The ECC approved the summary, in principle, with a direction to work out modalities for future course of action.

  • ECC approves Rs10 billion as reimbursement of transfer charges to banks

    ECC approves Rs10 billion as reimbursement of transfer charges to banks

    ISLAMABAD: Economic Coordination Committee of the Cabinet (ECC) on Wednesday approved Rs10 billion for re-reimbursement of telegraphic transfer charges to the banks on home remittances.

    Federal Minister for Finance and Revenue Shaukat Tarin chaired the meeting.

    The Technical Supplementary Grants were approved by ECC in its meeting held on Wednesday:

    • Rs.10 billion for the Finance Division for re-imbursement of telegraphic transfer charges to the banks on home remittances to encourage overseas Pakistanis to remit money through formal banking channels.

    • Allocation of funds for the National Disaster Management Authority (NDMA) for procurement of oxygen gas and delivery mechanism for import of 6,000 MT of oxygen amounting to Rs. 1800 million to meet the emergency requirement for supply of oxygen to hospitals for treatment of COVID-19 patients.

    • Rs. 115 million for the Ministry of Defence for the up-gradation of health care facilities at Cantonment General Hospital, Rawalpindi.

    • Rs. 800 million to the Ministry of Defence Production for the payment of outstanding loan to the National Bank of Pakistan (Bahrain).

    • Rs. 8 million for the Ministry of Information and Broadcasting to clear the pending liabilities of “Implementation Tribunal for Newspaper Employees (ITNE)”.

    • Rs. 571.216 million for the Ministry of Law and Justice for the construction of Islamabad High Court Building.

    • Rs. 350 million for the Ministry of Law and Justice for a new building of the Supreme Court Branch Registry Karachi.

    • Rs. 198.017 million for running Isolation Hospital and Infections Treatment Center, Islamabad for treatment of COVID-19 patients.

    • Rs. 27.5 billion for National Disaster Management Fund to complete NDMA’s component under Karachi Transformation Plan.

    • Rs. 48.337 million for the Ministry of Parliamentary Affairs for meeting its various operational expenses.

    • Rs. 17.739 million for the Geological Survey of Pakistan (GSP) to repair important laboratory equipment.

    • Rs. 1563.046 million for the Ministry of Federal Education and Technical Training for establishment & operation of Basic Education Community Schools.

    • Rs. 1210.18 million for the National Commission for Human Development (NCHD) for meeting various operating expenses.

    • Rs 100 million for the Cabinet Secretariat, given as contribution from the Government of Punjab for Pakistan Tourism Development Endowment Fund.

    Federal Minister for Privatization Muhammad Mian Soomro, Federal Minister for Interior Shaikh Rashid Ahmad, Federal Minister for Economic Affairs Division Omar Ayub Khan, Federal Minister for Planning, Development and Special Initiatives Asad Umar, Federal Minister for Energy Muhammad Hammad Azhar, Federal Minister for Industries and Production Makhdum Khusro Bakhtyar, Federal for National Food Security & Research Syed Fakhar Imam, Federal Minister for Maritime Affairs Ali Haider Zaidi, Adviser to the PM on Commerce Abdul Razak Dawood, Adviser to the PM on Institutional Reforms and Austerity Dr. Ishrat Hussain, SAPM on Finance and Revenue Dr. Waqar Masood, SAPM on Power & Petroleum Tabish Gauhar, Federal Secretaries, Chairman BOI and other senior officers participated in the meeting.

    Governor State Bank of Pakistan Reza Baqir also joined through a video link.