Hafeez Shaikh to lead ECC meeting tomorrow

ISLAMABAD: Economic Coordination Committee (ECC) will meet on Wednesday (tomorrow) under the chair of Adviser to PM on Finance Abdul Hafeez Shaikh, ARY NEWS reported.

The meeting will be held at the prime minister’s office and would discuss a matter pertaining to the availability of a mobile app and data analysis for the National Command and Operations Centre (NCOC) and other government institutions.

The ECC meeting will also discuss a matter pertaining to mining issues in Balochistan, where they would mull over ways to support the mining sector in one of the most underdeveloped provinces of the country.

The meeting would also decide over fixing the minimum rate for tobacco in the country.

During the last meeting, the Economic Coordination Committee (ECC) on July 15 directed the Ministry of National Food Security and Research to accelerate efforts for wheat imports.

The meeting was chaired by Advisor to Prime Minister on Finance and Revenue Dr. Abdul Hafeez Shaikh at the Prime Minister’s office.

According to a press statement, ECC directed the food ministry to hold meetings with the major importers of wheat at the earliest and come up with proposals.

The food ministry briefed the ECC that combined together the Provincial governments and PASSCO have already achieved 79% of their procurement targets while more than 120 importers have so far shown interest to import wheat in the country.

It was also assigned by the ECC that provincial governments, Trade Corporation of Pakistan, and PASSCO may arrange wheat imports as soon as possible to avoid shortages any time during the year.

ECC also allowed the Asian Development Bank (ADB) to issue offshore Pakistan Rupee Linked Bonds for international investors subject to completion of all codal formalities.

The program, according to the recommendation of SBP, shall be restricted to maximum of US$200 million. The local currency proceeds of the Bonds would be used for financing long term infrastructure and energy projects in Pakistan.