ECC directs NPMC to ensure price stability

ISLAMABAD: The Economic Coordination Committee (ECC) directed the National Price Monitoring Committee (NPMC) to continue regular coordination with the provincial governments for measures to ensure price stability and to check hoarding and profiteering, ARY News reported.

The meeting of the cabinet committee was presided over by Caretaker Federal Minister for Finance, Revenue, and Economic Affairs, Dr. Shamshad Akhtar, according to press statement issued by finance ministry.

The decision followed a briefing by Pakistan Bureau of Statistics (PBS) on the inflation situation and the latest trends of prices of various essential commodities.

The cabinet committee also approved the budget for Employee Old Age Institution (EOBI), the summary for which was moved by Ministry of Overseas Pakistanis and Human Resource Development.

ECC was informed that EOBI’s contribution collection had remained stagnant during past years but had recently witnessed a substantial increase of around Rs.100 billion.

The committee appreciated EOBI for its good performance and directed to strictly follow the budget calendar and prepare a long term plan to clear the Rs.2 trillion liabilities of pension dues.

Meanwhile, summary for approval of TAPI project as Qualified Investment Incentive Package under the Foreign Investment (Promotion and Protection) Act, 2022 (FIPPA) was discussed at length.

The forum observed that it was a much-needed project and should be launched without delay, however observed that the proposal for inclusion of the project under the FIPPA Act required further deliberations and examination of the legal aspects, incentives and concessions.

The committee also approved the principles for settlement of capacity deduction issues of imported coal based projects and subsequent execution of side agreement with Port Qasim Electric Power Company.