KE's advance subsidy of Rs70 bn approved

The Economic Coordination Committee (ECC) on Tuesday approved an advance subsidy of Rs 70 billion for K Electric, ARY News reported.

Finance Minister, Senator Muhammad Aurangzeb presided over the ECC meeting, during which a technical grant of Rs 200 million was approved for defense production.

The ECC’s meeting members also approved the funds for the salaries – from January 2024 till June 2024 – of the employees of Pakistan Steel Mills.

In a move to ensure enough supply of urea fertilizer during upcoming Kharif season of 2024, the ECC has taken decisive steps and a strategy has been approved to meet the requirements.

Furthermore, the ECC has approved couple of supplementary grants of Rs 5.89 billion and Rs 4.86 billion, allocated for the Engineering Development Board (ERA) and Atomic Energy Commission, respectively.

In the energy sector, a technical supplementary grant of Rs 2.5 billion has been approved for the Ministry of Energy which is likely aimed at supporting infrastructure projects and initiatives to enhance energy production and distribution.

Moreover, the ECC members increased the wheat procurement target for the Pakistan Agricultural Storage and Services Corporation (PASCO) from 1.4 to 1.8 million tons.