ECC meeting to be chaired by Finance Minister Asad Umar today

ISLAMABAD: Since the formation of new federal cabinet, Finance Minister Asad Umar will chair the first Economic Coordination Committee (ECC) meeting of the government on Wednesday (today).

The ECC will deliberate on a five-point agenda in the meeting today. The agenda will include the circular debt and its impact on the power sector, gas pricing, financial health of Pakistan State Oil (PSO) and its liquidity position, DAP situation for the Kharif crop and the measures to address shortage of urea fertilizer.

Prime Minister Imran Khan, on Monday, formed a 12-member ECC and appointed Finance Minister Asad Umar as its chairman.

The notification issued by the cabinet division read that Law Minister Farogh Naseem, Petroleum Minister Ghulam Abbasi, Planning and Development Minister Khusro Bakhtiar and Railways Minister Sheikh Rashid were appointed to the ECC, in addition to prime minister’s advisors Razak Dawood and Dr Ishrat Hussain.

A day earlier, Federal Minister for Finance Asad Umer cleared the air about seeking a bailout package from the International Monetary Fund (IMF).

Speaking on the floor of Senate, he apprised the lawmakers “The government does not intend to approach IMF for now.”

The statement of the United States administration pertaining to the bailout package was unnecessary, he said while adding that the loan of China on Pakistan is still less.