ECC to consider approval of social impact bond

ISLAMABAD: A meeting of the federal cabinet’s Economic Coordination Committee (ECC) has been summoned for approval of amount to issue the Pakistan Social Impact Bond, ARY News reported.

According to details, the ECC, chaired by Minister for Finance and Revenue Senator Muhammad Aurangzeb, will discuss an 11-point agenda, and expected to approve Rs 1 billion for the issuance of the Pakistan Social Impact Bond.

Meanwhile, the Pakistan Infrastructure Development Company is expected to get a grant worth Rs. 1.88 billion. Other items on the agenda include the approval of grant worth Rs. 523.7 million for the Special Investment Facilitation Council (SIFC).

The ECC will also discuss a comprehensive plan to make wheat prices reasonable in Gilgit-Baltistan on a subsidy basis, as well as a summary of the Siachen Copper Project as a private export processing zone.

The meeting is expected to provide key decisions on several important economic matters.

In its meeting last month, the ECC okayed the Circular Debt Management Plan for fiscal year 2024-25 and a sale purchase agreement between Pakistan State Oil (PSO) and SOCAR Azerbaijan for the supply of POL products.

Minister for Finance and Revenue Senator Muhammad Aurangzeb chaired the meeting in which several other key agenda items were discussed and decided, a press statement issued here read.

The Ministry of Energy (Power Division) submitted the Circular Debt Management Plan for FY 2024-25. The ECC approved the plan, which aims to reduce liabilities in the power sector and enhance financial sustainability.