ECC approves mobile device manufacturing, electric vehicle policy

ISLAMABAD: The Economic Coordination Committee of the Cabinet has approved Mobile Device Manufacturing and Electric Vehicles Policy for two and three-wheelers.

The approval was given during ECC meeting presided over by the Minister for Finance and Revenue Dr Abdul Hafeez Sheikh in Islamabad today (Wednesday).

The forum approved the removal of withholding tax of 4 percent on manufacturing to retailers of locally manufactured phones and removal of Sales Tax on locally manufactured phones.

Ministry of National Food Security presented a summary for provision of additional quantities of wheat to the Government of Azad Jammu and Kashmir and Utility Stores Corporation.

The Finance Minister directed to provide first load of the additional quantities to both AJ&K and USC on priority as an interim arrangement to ensure smooth supply of wheat across the country.

ECC approved the following technical supplementary grants, Rs219.300 million for the operationalization of the newly established Isolation Hospital and Infections Treatment Centre, Islamabad, Rs305.462 million to payoff Pakistan’s annual contribution to World Health Organization (WHO), Rs106.775 million to the ICT Administration for various projects, Rs706.82 million for FATA, temporary displaced persons, Emergency Recovery Project, NADRA, Rs278 million for Annual Contribution of Pakistan to UNFA, PPD & IPPF-FPAP for FY-2018-19, 2019-20 & 2020-21, Rs.53.10 million for procurement of medical equipment, machinery and medicines to combat COVID-19.

Minister for Maritime Affairs updated the forum about latest position of wheat vessels and operations of Karachi Port Trust (KPT) and Port Qasim Authority (PQA) accordingly. The chair directed that the Logistic Committee of the ECC would be chaired by the Minister for Maritime Affairs to workout SOPs ensuring all stakeholders including private sector are onboard with reference to priority berthing.

Ministry of National Food Security and Research presented a summary for provision of additional quantities of wheat to the Government of AJ&K and Utility Stores Corporation.

The ECC also accorded approval for issuance of offshore Pakistan Rupee (PKR) linked Bonds to the International Finance Corporation (IFC).

The meeting was attended by Minister for Interior Sheikh Rashid Ahmed, Minister for Industries and Production Hammad Azhar, Minister for Economic Affairs Khusro Bakhtiar, Adviser to the Prime Minister on Commerce Abdul Razak Dawood, Adviser to the PM on Institutional Reforms and Austerity Ishrat Hussain, SAPM on Revenue Dr. Waqar Masood, SAPM on Petroleum Nadeem Babar, Federal Minister for Maritime Affairs Ali Haider Zaidi, SAPM on Poverty Alleviation and Social Safety Dr. Sania Nishtar, SAPM on Energy Tabish Gauhar, Federal Minister for Privatization Muhammad Mian Soomro and Federal Minister for Energy Omar Ayub Khan.

Governor State Bank of Pakistan Reza Baqir joined the meeting through video link.