Cabinet ratifies ECC's decisions, accord worth $500mn with Korea   

ISLAMABAD: The federal cabinet meeting on Thursday ratified the decisions taken by Economic Coordination Committee (ECC) and approved signing of Framework Arrangement amounting to $500 million with Republic of Korea.

The meeting of the federal cabinet held in Islamabad today (Thursday) with Prime Minister Imran Khan in the chair.

The prime minister, during the meeting, apprised the cabinet about the decision to permit construction of high rise building in the Federal Capital. The prime minister said that vertical structure was need of the hour in view of increased population and fast depleting green belts especially in major cities of the country.

According to a statement released from the ministry, the decisions of Economic Coordination Committee (ECC) during its meeting held on February 19 and Cabinet Committee for Disposal of Legislative Cases (CCLC) in its meeting on February 26 were also ratified.

The cabinet granted exception to the Federal Investigation Agency from the provision of PPRA Rules 2004 for the expenditures of JIT, formed by Supreme Court of Pakistan to probe fake/benami accounts, for facilitating its day to day working including hiring of foreign/local experts and for timely completion of the probe.

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Approval for signing of Memorandum of Understanding (MoU) between the Committee on Financial Monitoring of the Ministry of Finance of the Republic of Kazakhstan (FIU of Kazakhstan) and Financial Monitoring Unit (FMU) of government of Pakistan concerning cooperation in the exchange of financial intelligence related to money laundering and terrorist financing was granted.

The cabinet approved appointment of chairman and directors of the Board of Directors of National Bank of Pakistan. Mr. Zubyr Soomro has been appointed as Chairman National Bank of Pakistan. Memorandum of cooperation between the ministry of justice of the republic of Uzbekistan and the ministry of law and justice of Pakistan was approved by the Cabinet.

The cabinet also reviewed the progress on disposal of state properties owned by various ministries/departments. It was decided to expedite the process so as to ensure optimum utilization of dead properties and also to raise much needed finances for projects of public welfare.