Karachi, The Economic Coordination Committee (ECC) of Pakistan’s Cabinet, under the chairmanship of the Federal Minister for Finance, Revenue, and Economic Affairs, Dr. Shamshad Akhtar, convened today to approve several key financial decisions impacting various sectors.

According to Ministry of Information and Broadcasting, the meeting, attended by high-ranking ministers and government officials, discussed and approved significant financial measures. The ECC authorized a Technical Supplementary Grant of Rs. 57 billion for the payment of K-Electric arrears, ensuring the operational requirements of the power sector are met. Additionally, the ECC approved the release of Rs. 262.075 billion to public sector power plants, aligning the payment with those made to Independent Power Producers (IPPs).

The ECC also addressed the initiation of the phase-out of the Export Finance Scheme of the State Bank of Pakistan, a requirement under the IMF Standby Arrangement, and approved the release of Rs. 3.87 billion to the EXIM bank for the current fiscal year.

In response to a report on the liabilities of Pakistan Steel Mills (PSM), which had been inactive since 2015, the Minister of Finance directed the Ministry of Industries to conduct a diagnostic survey. The ECC expressed displeasure over the management of PSM’s liabilities and recommended further investigation into the allocation of PSM land for housing and other industrial uses.

The transfer of the National Energy Efficiency and Conservation Authority (NEECA) from the Science and Technology Division to the Power Division was approved, along with a Technical Supplementary Grant of Rs.152.417 Million for NEECA for the fiscal year 2023-24.

The ECC discussed the Profitable Support price for the wheat crop for 2023-24 and decided to maintain last year’s price of Rs. 3900/40 Kg, emphasizing no subsidy on agricultural inputs, which falls under the purview of the provinces. The forum also approved the notification of minimum indicative prices of the Tobacco Crop for 2024 and the revision of cess rates on tobacco for 2024-25.

Furthermore, an additional agenda item from the Ministry of Information Technology and Telecommunication regarding the relending of the Government of Pakistan to the National Database and Registration Authority (NADRA) was discussed and approved.

These decisions reflect the ECC’s commitment to addressing various economic challenges and ensuring fiscal stability and operational efficiency across different sectors.