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Karachi Transformation Plan to be presented before ECC for approval

ISLAMABAD: Federal Minister for Finance Abdul Hafeez Shaikh will chair a meeting of the Economic Coordination Committee (ECC) on Thursday (tomorrow) where the Karachi Transformation Plan will be presented before the meeting for approval, ARY NEWS reported.

The ECC meeting on Wednesday was postponed and tomorrow’s meeting would mull over a 10-point agenda including the Karachi Transformation Plan, which has been deferred in the previous two meetings of the committee.

The meeting would also approve a Rs 500 million technical grant for the Housing ministry besides also giving a nod for issuing Euro Bonds worth US$500 million for construction of Mohmand and Diamer-Bhasha Dams.

The ports and shipping ministry will present a proposal for establishing new terminals on the basis of BOT before the committee under which a change in the master plan would be made for the construction of a new terminal.

The agenda of the ECC also included approval to be given to the gas companies for Air Mix LPG and payment of loans taken from the GIDC for the import of gas.

In the last ECC of the Cabinet, Mobile Device Manufacturing and Electric Vehicles Policy was approved for two and three-wheelers.

The approval was given during ECC meeting presided over by the Minister for Finance and Revenue Abdul Hafeez Shaikh in Islamabad.

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 the 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.

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