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  • ECC okays mobile device manufacturing policy

    ECC okays mobile device manufacturing policy

    ISLAMABAD: The Economic Coordination Committee (ECC) of the Cabinet on Thursday approved mobile device manufacturing policy.

    The policy is aimed at to promote local manufacturing and assembly of mobile phone handsets.

    The policy approved in a meeting of the ECC chaired by Adviser to the Prime Minister on Finance and Revenue Dr. Abdul Hafeez Shaikh is aimed at ensuring localisation and indigenization of the parts of the mobile phones.

    Earlier, the ECC was told that under the Mobile Device Manufacturing Policy, parts of mobile phone handsets will be used for the entire range of mobile phone handsets produced in Pakistan instead of limited to a particular model.

    The policy will have a positive impact on allied industry including packaging and plasting.

    The expected arrival of high end brands will give local industry an opportunity to become part of the global value chain.

    In addition, setting up of R&D centres and an ecosystem for software application is also visualised under the policy.

    The ECC discussed various recommendations proposed as part of the policy and approved the following:

    a. Removal of Regulatory Duty for CKD/SKD manufacturing by PTA approved manufactures under input/output Co-Efficient Organization (IOCO) approved import authorization.

    b. Removal of Fixed Income Tax on CKD/SKD manufacturing of mobile devices up to USD 350 category.

    c. Increase in Fixed Income Tax on USD 351-500 USD category by Rs 2000 and>USD 500 by Rs.6300 on CKD/SKD manufacturing only.

    d. Removal of Fixed Sales Tax on CKD/SKD manufacturing of mobile devices.

    e. PTA shall allow activation of handsets manufacturing in the country under import authorization of inputs by IOCO in CKS/SKD kit (8517.1211) and not under HS Code 8517.7000 i.e. parts. This will eliminate misdeclaration in parts category at the import stage. Activation of CBUs imported through notified routes after payment of all levied duties and taxes as fixed by government from time to time shall continue till further amendment.

    f. In up to USD 30 category, words “except smart phones” to be inserted for CBU imports under 8517.1219 to avoid misdeclaration.

    g. R&D allowance of 3 percent to be given to local manufactures for exports of mobile phones.

    h. Locally assembled / manufactured phones to be exempted from 4 percent of withholding tax on domestic sales.

    i. Government to commit maintaining tariff differential between CBU imports and CKS/SKD manufacturing till the expiry of the policy.

    j. Local industry to ensure localization of parts and components as per roadmap included in draft policy.

    k. EDB to act as Secretariat of Mobile Phone Manufacturing Policy and ensure development of allied parts, components and devices.

    Meanwhile, the ECC also considered a proposal brought forward by the Ministry of National Food Security and Research for an intervention price for cotton 2020-21 crop by rationalising earlier proposals after fresh consultation with the stakeholders.

    The members of the ECC had an in-depth discussion on the matter and maintained that an effective and sustained support to the cotton growers was vital and necessary due to the importance of cotton for the local as well as export industry.

    However, such a support should be extended in the form of direct targeted subsidy to the formers.

    ECC further directed the Ministry of National Food Security and Research to bring up to ECC proposals, for promoting research and development and to improve seed quality and yield per acre.

    The ECC decided that since the matter was not federal in nature, a mechanism should also be adopted by the Ministry of National Food Security and Research to engage with the provincial governments, particularly Punjab, at the higher government level for introducing some intervention with regard to ensuring better price to the cotton growers.

  • ECC approves free period for cargo, containers landing up to May 31

    ECC approves free period for cargo, containers landing up to May 31

    ISLAMABAD: The Economic Coordination Committee (ECC) of the Cabinet non Wednesday approved free period from five working days to 15 working days for cargo and containers landing up to May 31, 2020.

    The ECC considered and approved a proposal by the Ministry of Maritime Affairs for extension due to corona pandemic of free period from five working days to 15 working days for cargo and containers landing for period up to May 31, 2020.

    The ECC of the Cabinet has asked the Ministry of National Food Security and Research to closely monitor the wheat procurement process and actively engage with the food departments and PASSCO to ensure procurement of wheat as per 8.25 million tones target set for procurement by the public sector this year.

    The ECC meeting chaired by Adviser to the Prime Minister on Finance and Revenue Dr Abdul Hafeez Shaikh asked the Ministry of National Food Security and Research to submit to ECC a detailed report in the next two to three weeks on the progress of wheat procurement by PASSCO and provincial food departments and overall wheat production in the country with the help of reliable data and figures to have a clearer picture for better planning in future.

    The ECC also called for exploring possibilities for extending more time to flour mills to procure wheat from the market, allowing inter-provincial movement and preventing smuggling of wheat outside Pakistan.

    The ECC gave the instruction after a report was presented to it by the Ministry of National Food Security and Research on wheat procurement by the public sector in the current season.

    The Ministry, in its report, told the ECC that the wheat procurement target for the wheat crop 2019-20 was set to 8.25 million tones with 4.5 million tones to be procured by Punjab, 1.4 million tones by Sindh, 0.4 million tones by Khyber Pakhtunkhwa, 0.1 million tones by Balochistan and 1.8 million tones by PASSCO.

    So far PASSCO and the provincial food departments had procured 3.96 million tones of wheat, approximately 48 percent of the target while the procurement pace was slow in KP and Balochistan and both the provinces had been requested to speed up the procurement process.

    The ECC also took up another proposal by the Ministry of National Food Security and Research for fixing an intervention price for cotton and after a detailed discussion asked the Ministry to come up with a comprehensive package focusing on cotton seed research, overall research and development, better water management, deregulation of the sector and zoning of crop growing areas to enhance productivity and competitiveness of the local crop.

    The ECC also discussed and approved five separate supplementary grants on different proposals submitted by various divisions.

    On two separate proposals for technical supplementary grants by the Defence Division, Rs 1.665 billion grant was approved for upgradation of Special Telecom Monitoring Project at Directorate ISI and a Rs 500 million for construction of Special Education School at the Defence Complex Islamabad.

    On a proposal by the Prime Minister’s Inspection Commission, a technical supplementary grant of 10.476 million was approved for assistance package for the family of Raees Anwar Abbasi, Senior Private Secretary (BS-19), Prime Minister’s Inspection Commission following his death on 12th August 2019.

    On a proposal for technical supplementary grant by the Poverty Alleviation & Social Safety Division, an amount of Rs12.143 million was approved following transfer of the subject of “Collection of Zakat and Ushr, disbursement of Zakat and Ushr to the Provinces and other areas as per formula approved by the Council of Common Interest” from Religious Affairs & Interfaith Harmony to the PA&SS Division and subsequent transfer of officers along with their posts and budgets by the Ministry of Religious Affairs & Interfaith Harmony to the PA&SS Division.

    On another proposal for technical supplementary grant by the Finance Division, the ECC approved Rs 306.615 million for the Office of Controller General of Accounts during FY 2019-20 for payment of dues on account of Prime Minister’s Assistance Package. On a proposal by the Ministry of Interior, the ECC allowed Capital Development Authority (CDA) Islamabad to allocate Rs 3.05 billion to the Metropolitan Corporation Islamabad (MCI) on loan basis for payment of obligatory expenses for the second half of the FY 2019-20.

    The ECC also considered and approved a proposal for reconstitution of a Committee formed by the ECC in its meeting on 26th March 2020 for examination of incentive package for the National Electronic Vehicle Policy by nominating the Minister for Industries and Production Hammad Azhar in place of Abdul Razak Dawood as Chairman and member of the committee following the cabinet reshuffle and including Secretary Commerce as member of the Committee in place of Adviser to the Prime Minister on Commerce and Investment  Abdul Razak Dawood.

    The ECC also approved another proposal by the Ministry of Maritime Affairs for technical supplementary grant of Rs 58 million as compensation of the demolished structures of Pakistan Coast Guards in order to provide 19 acres land previously in possession of Pakistan Coast Guards and vacated for Gwadar Free Zone and Right of Way of the Eastbay Expressway. On a proposal by the Ministry of Energy for development of a new mechanism/criterion for disbursement of payments to the tune of Rs 300 billion through CPPA-G to the power generators, the ECC asked the Power Division to devise the requisite criterion for fair and equitable disbursement of payments to the power generators and come back to ECC for its approval.

    On another proposal by the Power Division, the ECC approved shifting of most expensive loan from the books of PHL to Government of Pakistan and taking up of Rs 136.454 billion loan in the FY 2019-20 while other loans to be considered in the following financial years accordingly.

    On another proposal by the Power Division, the ECC gave go-ahead to issuance of new sovereign guarantee by the Ministry of Finance in respect of fresh syndicated term finance facility for Rs 41 billion through Power holding Limited (PHL) for the purpose of set off/adjustment of existing PHL finance facility of Rs 41 billion executed in pursuance of ECC decision made on 7th June 2017. The ECC, on a proposal by the Petroleum Division, asked the Finance Division to transfer Rs 11.7 billion in the NBP account for ensuring remittances to Kuwait as per schedule.

  • ECC discusses arrest of PNSC ship by South Africa

    ECC discusses arrest of PNSC ship by South Africa

    ISLAMABAD: South Africa has arrested a ship of Pakistan National Shipping Company (PNSC) for alleged payment default by Pakistan Steel Mills.

    The issue was discussed at the Economic Coordination Committee (ECC) of the Cabinet on Wednesday which was chaired by Adviser to the Prime Minister on Finance and Revenue Dr Abdul Hafeez Shaikh.

    A statement said that the ECC considered a proposal by the Ministry of Maritime Affairs regarding arrest of PNSC ships in South Africa on account of alleged claims of M/s Coniston against Pakistan Steel Mills Ltd and asked the Finance Secretary to engage with the PNSC and PSM and seek opinion of the Law Division, if necessary, to resolve the issue having ended up in litigation.

    The ECC approved release of Rs 75 billion from PM’s Relief Package of Rs 200 billion for targeted payments to the low-income groups, especially labourers and daily wagers most severely affected by the lockdown situation in the country.

    Under the decision, disbursement of Rs 12,000/- per selected person would be made using the Ehsaas disbursement mechanisms under a programme called “Mazdoor Ka Ehsaas Programme”.

    For this purpose, a fourth category in addition to already existing three categories in “Ehsaas Kifalat”, would be created and standard filters/checks of Ehsaas Program would be applied for identification of the beneficiaries.

    Earlier, the ECC was told that after the usual filters and checks, up to 6 million low-income people were expected to benefit under the planned 4th category in addition to the 12 million labour population already targeted through category 1-3 of Kifalat.

    “Mazdoor Ka Ehsaas Programme” was aimed at extending much-needed support in the current situation to the low-income labour/daily wagers mostly involved in activities such as loaders, cleaning staff, contract employees, piece rate workers, self-employed street vendors, construction workers, painters, welders, mechanics, carpenters, domestic help, drivers, etc.

    The ECC also asked the Ministry of Industries and Production and the Poverty Alleviation and Social Sector Development Division (PASSD) to jointly work out comprehensive mechanism and modalities to ensure a transparent and efficient disbursement of the support to the deserving people.

    During the meeting, the ECC on two separate proposals approved a technical supplementary grant of Rs 606 million for 19 projects to be implemented by the Government of Balochistan for FY 2019-20 and another technical supplementary grant amounting to Rs 7 million for purchase of spare parts for helicopter maintenance by Frontier Corps Balochistan (North).

    The ECC also approved release as government loan of Rs 1.30 billion in the current financial year and Rs 3.85 billion per annum during the next three years for settlement of the outstanding liabilities of litigants in the case involving Pakistan Steel Mills (PSM).

    On a proposal by the Ministry of Commerce, the ECC approved notification of the Export Policy Order, 2020 and Import Policy Order, 2020 in consolidated form as per the Law Division’s recommendations for the convenience of the business community.

    The ECC also approved a proposal by the Ministry of Overseas Pakistanis and HRD for approval of the budget proposal for the year 2019-20 & revised budget estimate for 2018-19 of EOBI.

    The ECC, on a proposal by the Ministry of Climate Change, approved exemption from the Re-lending Policy of the Government in respect of a USD 188 million World Bank IDA for the Pakistan Hydromet and Ecosystem Restoration Services Project.

    The ECC also accorded principled approval to a proposal by the Ministry of National Health Services for provision of Rs 150 million funds as grant in aid/seed money for Islamabad Healthcare Regulatory Authority, the ECC asked the Secretary Finance and Secretary Health to jointly to work out modalities for the arrangement of funds.

    On a proposal by the Ministry of Industries and Production seeking a supplementary grant of Rs 288 million for payment of salaries to the employees of Pakistan Machine Tool Factory, the ECC asked the Finance Division and the Industries and Production Division to sit together and resolve the issue.

  • ECC approves 0.2MMT wheat for Utility Stores

    ECC approves 0.2MMT wheat for Utility Stores

    ISLAMABAD: The Economic Coordination Committee (ECC) of the Cabinet on Monday approved 0.2 million metric tons of wheat for Utility Stores Corporation (USC) to provide relief to masses.

    Adviser to the Prime Minister on Finance and Revenue Dr. Abdul Hafeez Shaikh chaired the meeting of the Economic Coordination Committee (ECC) of the Cabinet today at the Cabinet Division.

    ECC approved the allocation of additional 200,000 M.T of wheat for Utility Stores Corporation from PASSCO, the approved quantity will be released in tranches.

    The first tranche will be of 50,000MT, which would be released immediately; the rest will be released on demand by USC.

    The total cost of this package is Rs.8.690 billion including incidental charges of 1.690 billion. The chair also directed that the record of the USC and PASSCO may be completely computerized so that it may ensure transparency and facilitate decision making.

    There was also a discussion in ECC on data collection from private flour mills in order to ascertain the correct situation of demand and supply of wheat/atta in the country and to ensure accuracy in decision making.

    The Chair also asked the Poverty Alleviation Division to ensure transparency and efficiency in disbursement of funds to the vulnerable in wake of COVID-19 situation in the country.

    Secretary Poverty Alleviation Social Safety Division assured the ECC that no one would be allowed to swindle the poor people of this country, he further informed that the multiple arrests have already been made and exemplary punishment will be given to those who will cheat the poor.

    The Division also briefed the ECC that so far 1.7 million families have been paid under the Ehsaas program and payments to remaining families are underway.

  • ECC approves Rs75 billion for repayment of tax refunds

    ECC approves Rs75 billion for repayment of tax refunds

    ISLAMABAD: Economic Coordination Committee of (ECC) the Cabinet on Monday approved Rs75 billion for Federal Board of Revenue (FBR) for the repayment of tax refunds.

    Adviser to the Prime Minister on Finance and Revenue Dr. Abdul Hafeez Shaikh chaired a special meeting of the ECC, which approved Rs75 billion for FBR to enable them to payback the sales tax and income tax refunds, duty drawbacks and customs duties which is due for the last 10 years.

    The amount shall help approximately 676,055 beneficiaries by improving their liquidity position.

    ECC also approved the supplementary grant of Rs30 billion to Ministry of Commerce to payback duty drawbacks to textile exporters in the current financial year to improve their liquidity position when their businesses are experiencing a slowdown due to worldwide outbreak of corona epidemic.

    The special ECC meeting was met to fulfill the necessary requirements for different relief measures already announced by the Prime Minister for the public due to the ongoing Corona Virus Pandemic.

    ECC approved the fiscal stimulus package of Rs1.2 trillion with main components as follows:

    ECC approved Supplementary Grant of Rs100 billion for the “Residual/Emergency Relief Fund” in terms of article 84(a) of the constitution of Islamic Republic of Pakistan for provision of funds for mitigating the affect of COVID-19.

    The special Package for providing relief to the poor through cash assistance under the Ehsaas Program was also approved by the ECC.

    The package shall provide cash grants to 12 million families under the regular “kafalat program” and Emergency Cash Assistance on the recommendation of the district administration.

    The assistance will be provided for four months and besides the BISP beneficiaries it will be one time dispensation, the cash will be provided either in one installment of Rs12,000 through Kafalat partner banks i.e Bank Alfalah and Habib Bank Limited after biometric verification or it may be provided in two installments of Rs6000/- each.

    The Poverty Alleviation Division was asked to present both options with feasibilities.

    The partner banks may be asked to make arrangements through branchless banking networks to disburse cash. Rs 72.9 billion of additional funds through technical supplementary grant would be given to BISP under “Ehsaas Cash Assistance Package in Response to COVID-19” Pandemic.

    After Ministry of Industries and Production presented a comprehensive proposals regarding the targeting parameters , implementation mechanism, cash assistance per family per month and financial phasing of the program, ECC approved Rs200 billion of cash assistance for the daily wagers working in the formal industrial sector and who had been laid off as a result of COVID-19 outbreak.

    It was estimated that around three million workers will fall in this category and they will have to be paid a minimum wage of Rs.17500 per month.

    The estimated cost of this provision for daily wagers comes around to Rs52.5 billion a month.

    The provincial labour departments shall ensure the delivery of assistance to the laborers while the provision of funds shall be the responsibility of the federal government.

    ECC directed that immediate consultation with the provincial labor departments(mentioned under the provincial rules of business) may be carried out for providing timely assistance to those who are in need.

    ECC approved Rs50 billion for Utility Stores Corporation to provide essential food items to the vulnerable section of the society at subsidized rates.

    USC has prepared an initial plan to deliver 9 essential food items @ Rs 3000 for a family of 2+4 people through Pakistan Post Foundation Logistics Division.

    USC has further planned to procure essential items within 2-3 weeks. It was directed that USC may engage with BISP to obtain data for targeted assistance and again come back to the ECC for a detailed proposal for reaching out to the poor families for the effective use of this package before making any expenditure from this amount.

    ECC also allowed to reduce different taxes and duties on import and supply of different food items for alleviating the adverse impact of COVID -19 on different sections of the society.

    Rate of advance tax on the import of different pulses was reduced to 0 percent from 2 percent. individuals and associations of persons providing tea, spices, dry milk and salt to USC without a brand name will pay 1.5 percent withholding tax instead of 4.5 percent.

    Individuals and AoP receiving payments from USC for supplying ghee, sugar, pulses, and wheat flour shall be charged 1.5 percent withholding tax instead of 4.5 percent earlier. ACD (additional customs duty) @ 2 percent on soya bean oil, canola oil, palm oil and sunflower oil (and on these four oil seeds) has also been exempted.

    ECC was briefed SBP is working on payment of claims worth Rs49 billion out of which around 40 billion will be paid by June 2020.

    ECC approved supplementary grant of Rs6 billion for Pakistan Railways to meet its expenses. Pakistan Railways has suspended its passenger train services around the country since 19-3-2020.

    The approved amount shall be utilized for paying salaries to 70,000 employees, repairs, paying for utilities and performing disinfectant sprays on platforms and inside trains for proving safe journey to the passengers.

    Currently Pakistan Railways is earning only 1/6th of its monthly income through coal freight and the rest is suspended.

  • ECC approves withholding tax exemption on remittances transfer to bank accounts

    ECC approves withholding tax exemption on remittances transfer to bank accounts

    ISLAMABAD: The Economic Coordination Committee (ECC) of the Cabinet has approved exemption from withholding tax on transfer of remittances into bank accounts.

    The ECC approved at the meeting on Wednesday chaired by Prime Minister on Finance and Revenue Dr Abdul Hafeez Shaikh.

    The ECC approved that the amount of the remittances transferred into bank accounts will be exempted from withholding tax with effect from July 1, 2020.

    The ECC approved a host of measures to encourage and facilitate the overseas Pakistanis to send their remittances through official banking channels.

    Under the decision, following measures for the enhancement of home remittances through banking channels were approved:

    i. The rebate of reimbursement of T.T. Charges transactions between USD 100 and USD 200 will be increased from SAR- 10/- to SAR-20/-.

    ii. Continuation of the New Scheme of incentives launched in 2018-19 for banks and exchange companies during the current calendar year from January 2020. As per Scheme financial institutions would be incentivized Rs. 0.50 per 1 USD on 5 percent growth, Rs. 0.75 per 1USD on 10 percent growth and Rs. 1/- per 1USD on 15 percent growth.

    iii. The amount of the remittances transferred into bank accounts will be exempted from withholding tax with effect from July 1, 2020.

    iv. A “National Remittance Loyalty Program” will be launched from September 1, 2020 with collaboration of major commercial banks and government agencies through which various incentives will be given to remitters through mobile apps and cards.

    ECC approved a technical supplementary grant of Rs.9.6 billion during the current financial year to finance the above mentioned initiatives.

    Taking up other agenda items, the ECC approved a proposal by the Ministry of Federal Education & Professional Training for a technical supplementary grant of Rs 5 billion in favour of the Higher Education Commission (HEC) for the current Financial Year 2019-20 with instruction for a judicious and need-based distribution of funds among the universities.

    The ECC also approved a proposal by the National Security Division for a technical supplementary grant amounting to Rs 15 million for the Strategic Policy Planning Cell (SPPC) created in the National Security Division with the approval of the Prime Minister to act as an intellectual hub for evidence-based policy input on key national security issues.

    On a proposal by the Ministry of Defence, the ECC okayed a proposal for a technical supplementary grant amounting to Rs 34.528 million for Internal Security Duty Allowance to the Pakistan Air Force.

    On a proposal by the Petroleum Division, the ECC approved allocation of gas to SSGC and Provisional Tight Gas Incentive for Rehman-4 Well in Kirthar Block subject to the finalization and approval of requisite third-party certifications for Tight Gas for the same well.

    The ECC also discussed a proposal regarding quarterly adjustments of the K-Eectric Limited for the period from July 2016 to March 2019 and in the light of input and discussion by the members, set up a committee including Minister for Power Omar Ayub Khan, Minister for Economic Affairs Muhammad Hammad Azhar, Deputy Chairman Planning Commission, Secretary Finance and a representative from the K-Electric to examine the issue in detail and recommend to ECC within a week a solution and roadmap for resolving the issue.

    The ECC also deliberated upon a proposal by the Ministry of Energy to further extend till June 2020 the grant of subsidy to agricultural tubewell consumers in Balochistan.

    Earlier, the ECC was briefed that nearly 30,000 agri consumers in Balochistan had been given subsidy since 01.01.2015 with 40 percent of the burden of subsidy born by the Government of Pakistan and the remaining 60% picked up the Balochistan government.

    However, the recovery of dues from the farmers for the electricity consumed over and above the limit of subsidy had been negligible and attempts to recover these dues from defaulters in the past had not been successful.

    The ECC discussed the issue in detail and set up a Committee, including the Minister for Power, to discuss the issue with the Government of Balochistan to ensure a credible solution to the problems impeding a judicious execution of the scheme for which the federal government alone was contributing Rs 9 billion annually, and also allowed the extension of subsidy until a solution to the issue was found by the Committee and put in place.

    On a proposal by the Ministry of Industries and Production for revival of M/s Tuwairqi Steel Mills Limited (TSML) – A Direct Reduced Iron (DRI) Unit, the ECC discussed the issue and asked the Ministry of Industries and Production to resubmit the proposal in the light of recent and ongoing development on different issues among stakeholders on the proposal.

  • ECC allows import of controlled chemicals through commercial importers

    ECC allows import of controlled chemicals through commercial importers

    The Economic Coordination Committee (ECC) of the Cabinet, under the chairmanship of Adviser to the Prime Minister on Finance and Revenue Dr. Abdul Hafeez Shaikh, has permitted the import of controlled chemicals through commercial importers. This decision, made on Wednesday, is aimed at easing the availability of essential chemicals for various industrial applications.

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  • ECC bans sugar export to control prices

    ECC bans sugar export to control prices

    ISLAMABAD: The Economic Coordination Committee (ECC) of the Cabinet on Monday banned the export of sugar to maintain the prices in domestic market.

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  • ECC approves Rs700 million for Postal Life Insurance

    ECC approves Rs700 million for Postal Life Insurance

    ISLAMABAD: Economic Coordination Committee (ECC) of the Cabinet on Tuesday approved an amount of Rs700 million as initial paid up capital for Postal Life Insurance.

    A statement said that In order to register Postal Life Insurance as Public Limited Company, ECC approved an amount of Rs 700 million as initial paid up capital.

    The amount shall be allocated by the Finance Division and transferred to the proposed Postal Life Insurance Company.

    After the approval Postal Life Insurance shall fall under the regulatory frame work of the Securities and Exchange Commission of Pakistan.

    Adviser to the Prime Minister on Finance and Revenue, Dr. Abdul Hafeez Shaikh chaired the meeting of Economic Coordination Committee (ECC) of the Cabinet here at the Cabinet Division.

    ECC also approved the Creation of Digital Media Wing in the Ministry of Information and Broadcasting. The purpose of the Wing shall be to effectively counter the fake/libelous news and highlight the development agenda of the government.

    The ECC directed the MoI&B to move ahead for the creation of the wing by using its already available resources.

    ECC also approved the amendment in SRO 192(1)/ 2019 dated 11-02-2019 extending exemption from regulatory duty to export oriented units.

    ECC considered and approved the grant of amount Rs 153.25million from the budget of the Ministry of Finance, as technical supplementary grant for the Ministry of Interior, to be given through the Office of the Deputy Commissioner of Islamabad, for compensation to the victims of suicidal attack at District courts F-8 Islamabad on 03-3-2014.

    Finance Division supported the proposal in compliance with the orders of the Honorable Supreme Court of Pakistan.

    ECC gave approval to the transfer of funds amounting to Rs 31.5 million in equivalent foreign exchange from the Ministry of Interior to the Ministry of Defence as Technical Supplementary Grant for the logistic support for the maintenance of Cessna aircrafts.

    ECC was attended by Federal Ministers for National Food Security and Research, Railways, Energy, Privatization and other senior officials of the different Ministries.

  • ECC approves waiver of all port charges against Karkey rental power

    ECC approves waiver of all port charges against Karkey rental power

    ISLAMABAD: The Economic Coordination Committee of the Cabinet (ECC) on Wednesday approved waiver of all port charges against Karkey rental power.

    Adviser to the Prime Minister on Finance and Revenue Dr. Abdul Hafeez Shaikh chaired the meeting at the Cabinet Division.

    The ECC considered and approved waiving off all port dues/ charges amounting to Rs 194,95 million on January 31, 2020 or till the vessels leave the port accruing against Karkey.

    The said waiver was required as a consequence of the settlement agreement reached between the Government of Pakistan and Karkey.

    On the summary moved by the Ministry of Industries and Production for the payment of outstanding liabilities of Pakistan Steel Mills against Sui-Southern Gas Company for the non- payment of Gas bills, ECC approved the release of Rs.350 million for the partial settlement of the SSGC liability.

    Establishment of Trust Fund to implement risk sharing facility under 3rd Tranche of US$10 million of credit line of US$140 million obtained from World Bank for Pakistan Mortgage Refinance Company Limited (PMRCL) was also approved.

    The purpose of the Trust will be to leverage the Trust Funds by issuing guarantees in favor of the mortgagors to cover possible losses from eligible mortgage loans.

    Finance Division also sought approval for the demand of Rs 80 million as Technical supplementary grant in the budget of the Finance Division for the Financial Year 2019-20 for providing assistance for families of the government employees who expired during service and provision of Adhoc relief allowance 2019.

    ECC also approved the proposal sent by the Ministry of Finance for the issuance of direction of the Federal Government to the State Bank of Pakistan under sub-section 6(A) of the section 17 of the SBP Act 1956 to sell its shares in House Building Finance Company Limited (HBFCL).

    ECC approved the grant of Technical Supplementary Grant amounting to Rs.100 million to National Information Technology Board (NITB) under the Ministry of IT & Telecommunication for centralized procurement of ICT infrastructure to ensure e-readiness of Federal Government for the implementation of the E-governance program.