Islamabad: The Economic Coordination Committee (ECC), chaired by Federal Minister for Finance and Revenue, Senator Muhammad Aurangzeb, convened a meeting to address several pressing economic issues. The committee approved funding for the National Food Safety, Animal, and Plant Health Regulatory Authority and authorized salary disbursement for Pakistan Steel Mills employees.

According to a statement by Press Information Department, the ECC sanctioned Rs. 910 million as a Technical Supplementary Grant for the establishment of the National Food Safety, Animal, and Plant Health Regulatory Authority. Additionally, the committee permitted the Finance Division to disburse monthly salaries for Pakistan Steel Mills employees, totaling Rs. 935.78 million for the financial year 2024-25.

The ECC also approved policy guidelines for revising the annual tariff determination timeline, directing that rebasing should begin from January 1, 2025. The Power Division will proceed with these guidelines in consultation with NEPRA.

Further, regulatory duties on finished flat steel products were extended until March 31, 2025, following recommendations from the Tariff Policy Board. The ECC emphasized that this extension would be the last, under the Federal Government’s authority.

A Technical Supplementary Grant of Rs. 90.275 million was allocated to ensure operational payments to PAF and PIA, while Rs. 941.400 million was approved for the Frontier Corps North’s operational needs. The Ministry of Maritime Affairs’ proposal to replace bank guarantees with insurance guarantees for Afghan Transit Trade through Gwadar Port was also approved.

Lastly, the ECC reluctantly approved budget proposals for the Employees’ Old-Age Benefits Institution for FY 2024-25, expressing dissatisfaction with delays in submission and audits, and urged immediate investigation and updates.