ECC okays Rs.7.4 bln 'Ramzan Relief Package'

ISLAMABAD: In a proactive move to provide financial relief to the public, the Economic Coordination Committee (ECC) on Tuesday approved Rs 7,492.75 million proposed for subsidy in account of Ramazan Relief Package 2024, ARY News reported.

A meeting of the ECC was held under the chairmanship of Caretaker Finance Minister Shamshad Akhtar, in which the participants approved a subsidy of Rs 7,492.75 million subsidy in account of Ramazan Relief Package 2024.

According to a press statement issued by the finance ministry, the package is aimed at providing subsidy to the targeted beneficiaries of the Benazir Income Support Programme (BISP), which is provided for in the budget for 2023-24.

The Federal Minister for Finance, Revenue, and Economic Affairs, Dr. Shamshad Akhtar presided over a meeting of the Economic Coordination Committee (ECC) of the Cabinet at Islamabad dated February 13th, 2024. pic.twitter.com/1AIx8nsoqI

— Ministry of Finance, Government of Pakistan (@Financegovpk) February 13, 2024

The ECC also approved a proposal regarding “Permission to Import Wheat and Export of Wheat Flour under Export Facilitation Scheme 2021” presented to the forum by the Ministry of Commerce.

The committee approved a summary of the Ministry of Commerce (Tariff Policy Wing), regarding “Individual Tariff Rationalization Proposals from Different Sectors for Review of Custom Duties” and advised that tariff rationalization should be coordinated with the trade policy.

The ECC also approved a summary of the Power Division regarding the “Commissioning of 1263 MW CCPP Punjab Thermal Power (Pvt) Limited, Jhang (PPTL)”.

Another proposal of the Ministry of Commerce regarding “Sharing of Subsidy on Imported Urea at 50:50 Basis Technical Supplementary Grant for Ministry of Commerce” was considered by the Committee. ECC approved the proposed release of Rs. 6 billion to the Ministry of Commerce.

The funds are meant for clearing the arrears of subsidy for the previous financial year. It was clarified that no subsidy on this account has been allowed by the government during the current year.

The ECC also directed that the provincial governments be approached to clear their respective arrears of subsidy on urea.

The Ministry of Planning, Development & Special Initiatives (PD&SI) briefed the ECC on the inflation situation in the country. The forum directed the Ministry of PD&SI to make sure that detailed analysis is carried out on the data collected by the Pakistan Bureau of Statistics, and the same is also presented to the Committee for taking appropriate measures in a timely manner.