Islamabad: The Economic Coordination Committee (ECC) of the Cabinet convened under the leadership of Federal Minister for Finance and Revenue Senator Muhammad Aurangzeb. The meeting, held at the Finance Division, discussed and decided on significant agenda items, including financial grants, agreements for petroleum products, and management plans for circular debt.
According to Press Information Department, the meeting was attended by several ministers, including Mr. Musadik Masood Malik, Minister for Petroleum, and Sardar Awais Ahmad Khan Leghari, Minister for Power, as well as senior officials from various ministries. The Ministry of Information and Broadcasting’s request for a technical supplementary grant (TSG) of Rs. 95.822 million to clear dues from the 23rd Shanghai Cooperation Organization’s (SCO) Council meeting was discussed. The ECC directed the ministry to reallocate funds from its 2024-25 budget and promised additional funds if needed. Similarly, a request for Rs. 536.1 million for digital initiatives was advised to be met through reappropriation, with potential supplementary grants considered for future needs.
The Ministry of Industries and Production addressed the export of sugar from Khyber Pakhtunkhwa, highlighting that the province’s production is less than its annual consumption. The ECC reaffirmed its earlier decision, noting that no shortage is expected due to supplies from surplus-producing provinces. The Ministry of Law and Justice’s request to transfer Rs. 151.787 million to the Supreme Court for building repairs was approved via a TSG.
Furthermore, the ECC approved a Sale Purchase Agreement between Pakistan State Oil (PSO) and SOCAR Azerbaijan for the supply of petroleum products. It also sanctioned the Circular Debt Management Plan for FY 2024-25, aimed at enhancing the financial sustainability of the power sector.
A request from the Ministry of Interior for Rs. 650.35 million to cover costs related to the SCO Summit 2024 and city maintenance was discussed, with the ministry directed to manage the expenses within its existing budget. Additionally, a Rs. 2.70 billion expenditure for beautification efforts in Islamabad was tabled, with the ECC requiring third-party verification before further consideration.
The meeting concluded with the ECC expressing concern over price hikes in essential commodities like pulses and chicken, directing relevant bodies to monitor prices and ensure that the benefits of inflation decline reach consumers promptly.