ECC to discuss seven-point agenda today

ISLAMABAD: Advisor to Prime Minister on Finance Abdul Hafeez Shaikh will chair a session of the Economic Coordination Committee (ECC) to discuss seven-point agenda today, ARY News reported.

The ECC will discuss Karachi Transformation Plan of the Ministry of Planning and Development, first-ever policy envisaged to run electric vehicles in Pakistan and a scheme to end ‘own money’ on newly-launched vehicles.

It is likely that the committee will approve the summary of the finance ministry for ending different financial compensations. The ECC will also mull over amendment in re-lending policy pertains to the provision of foreign loans to provinces or other institutions.

Read: ECC okays gas supply to PSM; ends regulatory duty on cotton import

Moreover, the ECC will also review the applications of supplementary grants to the subordinate institutions of the health and interior ministries.

In the previous session, the ECC had approved the removal of regulatory duty on import of cotton yarn to enhance value-added exports.

After due deliberation, Abdul Hafeez Shaikh had directed to maintain status quo with a condition that FBR may register new manufacturers or exporters in five export-oriented sectors (erstwhile five zero-rated sectors) in coordination with the Ministry of Commerce till June 2020.

Read: ECC approves supplementary grant to purchase COVID-19 vaccines: sources

ECC had directed to constitute a sub-committee under the Chairmanship of Minister for Planning, Development and Special Initiatives and would include SAPM Nadeem Babar, Minister for Maritime Affairs Ali Zaidi, Secretary Finance and Secretary Communications to prepare a holistic proposal suggesting revenue generation roadmap for NHA within a month.

NHA was also granted a one-month moratorium to work out details and present recommendations regarding the financial viability of NHA before the forum.

ECC had recommended a summary presented by the Industries and Production Division to approve the release of funds to PSM for payment in lieu of gas supply to SSGC through a Technical Supplementary Grant (TSG).

Read: ECC approves voluntary separation scheme for PIA employees

ECC approved an allocation of up to 9.5 MMCFD gas from M/s PPL’s Benari X-I discovery to SSGCL. Similarly, the allocation of 10 MMCFD gas from PPL’s Hadaf X-I to SSGCL was also approved during the meeting.

The committee had also accorded approval for allocation of additional funds for maintenance of Islamabad High Court Building and Judges Residences through TSG as requested by the Ministry of Housing and Works.

The agenda item on Karachi Transformation Plan, presented by the Ministry of Planning, Development and Special Initiatives was deferred for a detailed discussion.