ECC approves Rs one billion grant for PTDC endowment fund

ISLAMABAD : A meeting of the Economic Coordination Committee (ECC) on Wednesday approved Rs one billion grant for Pakistan Tourism Development Endowment Fund, ARY News reported.

A meeting of the ECC chaired by Federal Adviser on Finance and Revenue Abdul Hafeez Shaikh approved technical supplementary grant of Rs one billion under a demand of the cabinet division for Pakistan Tourism Development Endowment Fund (PTDEF) during 2019-20.

The committee also extended Government of Pakistan (GoP) guarantee against Rs five billion credit facility of National Bank of Pakistan (NBP) for the Utility Stores Corporation to provide essential kitchen items to the people at lower than the market rates.

The ECC denied a new grant of Rs three billion to Pakistan Steel Mills over a summary moved by the Ministry of Industries and Production with regard to payment of outstanding gas bills to SSGCL on account of minimal gas supplies being provided to Pakistan Steel Mills to keep its machines in heat mode.

The PSM had been on zero production heat mode since June 2015 after its gas bills went beyond Rs35bn and the gas supplies were cut.

It was observed in the session that the government has already released Rs 4.2 billion funds to Pakistan Steel and advised it to pay the arrears of the SSGC with its available resources.

The economic body had last week removed three percent Regulatory Duty on import of cotton and had approved amendment in the rules regarding permission of the cotton import.