ECC approves Rs3bn grants for various departments

ISLAMABAD: The Economic Coordination Committee (ECC) of the Cabinet on Monday approved a grant of over Rs 3 billion for various departments and organisations.

Finance Minister Muhammad Aurangzeb chaired the ECC meeting , n Islamabad that approved Rs 2.79 billion for procurement of arms and ammunition and engaging Nespak as design consultant for Digital Enforcement Stations and check posts.

It also okayed approval to 494.56 million rupees to construct barracks and check posts for Frontier Corps Khyber Pakhtunkhwa (North).

Besides, a grant worth Rs 500 million was allowed in favour of the Intelligence Bureau Division. Speaking on the occasion, the Finance Minister emphasised that the reduction in core inflation, average inflation, and the downward price trends should translate into tangible relief for the common man.

The ECC also directed to ensure strategic reserves of wheat, sugar, and pulses. It instructed to improve the supply chains of essential items ahead of the holy month of Ramadan.

The forum called upon Provincial Price Control Committees to enforce strict compliance with the price control mechanism, curb cartelization, and prevent undue profiteering in order to protect consumers from unfair price hikes.

Earlier, the ECC reviewed a summary submitted by the Ministry of Commerce regarding the sharing of subsidy on imported urea on a 50:50 basis.

It approved the release of PKR 10 billion to the Ministry for immediate settlement of outstanding dues related to imported urea subsidies. The decision aims to alleviate the financial burden and ensure the smooth and timely availability of urea to meet agricultural needs.

The ECC further directed the provinces to fulfill their share of subsidy payments, emphasizing equitable cost-sharing among all stakeholders.

The ECC considered a summary from the Ministry of Federal Education and Professional Training seeking approval for the provision of a PKR 1 billion government guarantee to launch the Pakistan Skills Impact Bond (PSIB), with NAVTTC as the issuer of the bond. The Committee advised the Ministry to develop a comprehensive plan and resubmit the summary for consideration.