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ECC

Govt approves construction of low-cost housing scheme

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housing scheme

ISLAMABAD: Federal Finance Minister Muhammad Aurangzeb has approved a new scheme for the construction of low-cost housing. The decision was made during a meeting of the Economic Coordination Committee (ECC), chaired by the finance minister, where financial support under the Markup Subsidy and Risk Sharing Scheme was approved. At the meeting, Muhammad Aurangzeb approved the … Read more

ECC approves net metering tariff at Rs10 per unit

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The Economic Coordination Committee (ECC) has approved changes to the net metering regulations, setting the electricity purchase rate at Rs10 per unit. The decision was taken during a meeting led by Finance Minister Muhammad Aurangzeb. As per the ECC’s statement, current net metering users will continue with their existing agreements. However, from now on, electricity … Read more

ECC approves Rs 1.8 billion budget for President and PM VVIP planes

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ECC approves Rs 1.8 billion budget for President and PM VVIP planes

The Economic Coordination Committee (ECC) of the federal cabinet approved a technical supplementary grant of Rs 1.8 billion to overhaul the engines of two VVIP planes used by President Asif Ali Zardari and Prime Minister Shehbaz Sharif for state duties, news source reported. Federal Minister for Finance and Revenue Senator Muhammad Aurangzeb chaired the ECC … Read more

ECC approves exports of surplus sugar

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ECC

ISLAMABAD: The Economic Coordination Committee of Cabinet (ECC) has approved the export of 500,000 metric tonnes of surplus sugar.

A meeting of the ECC was held under the supervision of Finance Minister Muhammad Aurangzeb in which the export of surplus sugar was approved. The statement said that the export was allowed due to surplus sugar reserves in the country.

The export is subject to an undertaking by Pakistan Sugar Mills Association that their mills will commence production by 21st of next month for the next crop year and export quota of any non-compliant mill will be revoked.

According to provincial statistics, existing stock of sugar stood at 2.054 million MT of sugar reserves were available in the country till September 30 while 5.454 million MT of sugar were consumed in the country in the last 10 months and 0.900 million MT of sugar are estimated to be consumed in October and November.

The committee made the export of sugar subject to the commencement of the crushing season on November 21 by the sugar mills. The sugar will be exported in 3 months and this facility can be withdrawn at any time if the price of sugar increases.

The ECC further directed that the Cabinet Committee on Monitoring Sugar Exports, already constituted vide Cabinet Division’s Notification dated 25th & 26th June, 2024 and 13th September, 2024, would continue to regularly monitor and update the Cabinet on demand, supply and price situation of sugar in the country, including in the case of export of 0.500 MMT of sugar as well.

The ECC also discussed and approved a summary submitted by the Ministry of Energy (Power Division) seeking a compensation package for the deceased Chinese employees of Port Qasim Electric Power Company (Private) Limited.

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ECC Approves New Pension Scheme for Government Employees!

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New pension rules in KP- Complete details here

Islamabad’s ECC approves pension fund establishment. A defined contributory scheme is set for new entrants as of July 1. Technical grants are approved for ministries by the ECC. Islamabad – The Economic Coordination Committee of the Cabinet has given the go-ahead to establish a pension fund. The approval was granted during the ECC meeting chaired … Read more

ECC approves over Rs4bn for various ministries, divisions

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ECC approves over Rs4bn for various ministries, divisions

ISLAMABAD: The Economic Coordination Committee has approved over four billion rupees for various ministries and divisions. The ECC, which met in Islamabad today with Finance Minister Muhammad Aurangzeb in the chair, allowed 2.363 million rupees for the payment of troops, costs and subsistence allowance. It also nodded 200 million rupees for the Intelligence Bureau Division … Read more

PM Shehbaz reconstitutes ECC again

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PM Shehbaz

ISLAMABAD: Prime Minister Shehbaz Sharif once again reconstituted the Economic Coordination Committee (ECC).

The Prime Minister has appointed the Federal Minister for Industries and Production Rana Tanveer Hussain as a member of the ECC, after the addition of the Minister of Industries and Production, the number of ECC members has increased from 6 to 7, while the notification for the reorganization of the

Finance Minister Muhammad Aurangzeb will remain the chairman of the Economic Coordination Committee.

The ECC members include the Federal Ministers of Commerce, Power and Petroleum, along with the Federal Ministers of Economic Affairs and Planning.

The prime minister had appointed the finance minister as the chairman of the ECC on the reconstitution of the committee and had withdrawn the decision to head the ECC himself.

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Pkr 100 Million boost for Pakistan sports: Hockey, Davis Cup, mind games

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Pkr 100 Million boost for Pakistan sports: Hockey, Davis Cup, mind games

The ECC has approved Rs. 100 million fundings. PSB had requested the funding. This funding will support the Pakistani teams. For Pakistan’s participation in upcoming international sporting events, the Economic Coordination Committee (ECC) of the Cabinet has approved a special supplemental funding of Rs. 100 million. The hockey team will play in the Olympic Qualifying … Read more

ECC approves mechanism for average price of urea

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ECC approves mechanism for average price of urea

ISLAMABAD: The Economic Coordination Committee (ECC) of the Cabinet on Tuesday approved a mechanism for the weighted average price of urea, directing the National Fertilizer Marketing Limited (NFML) to ensure a reasonable price for the commodity and the Ministry of Industries and Production to provide oversight to the whole process. The ECC meeting presided over … Read more

ECC approves massive hike in gas prices

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ECC
  • Interim Finance Minister Shamshad Akhtar chaired meeting.
  • ECC approved the summary of the increase in gas prices.
  • The new gas rate is likely to be implemented from Oct 1.

ISLAMABAD: The Economic Coordination Committee(ECC) decided to drop gas bombs on the public as the summary of the price increase was approved.

According to the details, a meeting of the ECC was held under the chairmanship of caretaker Finance Minister Shamshad Akhtar, in which the Economic Coordination Committee approved the summary of the increase in gas prices.

Sources said that the increase has put an additional burden of Rs 395 billion on the gas consumers while an increase of almost 200 percent in the gas tariff has been approved.

It has been decided to increase the price of gas up to 172 percent for domestic consumers. For various other categories gas has been approved to be hiked up to around 200 percent.

Sources said fixed monthly charges for the protected consumers will be increased from Rs10 to Rs400, while the tariff for the import industry is likely to be jacked up to Rs2050 from Rs950. The gas price for CNG is proposed to increase by Rs2595 rupees per MMBTU.

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ECC approves projected salary for first 6 months of PSM

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ECC PSM

ECC approved payment of projected net salary for first six months to PSM. The funds will be given from an allocated amount of Rs10 billion. Planning Ministry briefs ECC on economic indicators. ISLAMABAD: The Economic Coordination Committee (ECC) has approved the payment of projected net salary for the first six months of the Financial Year … Read more

ECC approves uniform tariff policy for K-Electric consumers   

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tariff
  • Federal Finance Ishaq Dar chaired ECC meeting.
  • The meeting approved subsidy on five items utility items.
  • 3 billion were approved for health insurance for media workers.

ISLAMABAD: The Economic Coordination Committee (ECC) has approved the application of uniform tariff for K-Electric consumers.

A meeting of the Economic Coordination Committee was held under the chairmanship of Federal Finance Minister Ishaq Dar.

According to the statement, the meeting approved subsidy on five items for 10 months on utility stores under Prime Minister’s Relief Package, subsidy on five essential items from August 01 to June 30 and directed not to increase the price of flour.

In the meeting, three billion were approved for health insurance for media workers and artists.

ECC approves technical supplementary grant of Rs 500 million to Ministry of Defence.

6 incentive schemes of State Bank of Pakistan were approved to increase remittance collection. ECC also approved application of uniform tariff for K-Electric consumers.

The ECC also approved amendments to the Transmission Line Policy 2015.

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Hajj package will be Rs11, 75000 for current year

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Hajj package

ISLAMABAD: The Economic Coordination Committee (ECC) of the Cabinet has approved the Hajj Policy for 2023. The ECC gave its approval in its meeting held here on Monday with Finance Minister Ishaq Dar in the chair. Earlier, Ishaq Dar had assured Minister for Religious Affairs and Interfaith Harmony Mufti Abdul Shakoor to provide max facilitation … Read more

ECC fixes Rs 3,900 wheat price, approves Ramazan relief package

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ECC fixes
  • The ECC meeting was chaired by Finance Minister Ishaq Dar.
  • Ramazan Relief Package consisting of 19 items for Utility Stores.
  • The government would provide an Rs4.99 billion subsidy.

ISLAMABAD: The Economic Coordination Committee (ECC) of the Cabinet  approved the Ramazan Relief Package and a uniform procurement price of wheat crop 2022-23 at Rs3900/40 kilogram.

According to a press statement, the summary regarding wheat procurement price was tabled by the Ministry of National Food Security and Research before the ECC meeting, which was presided over by Finance Minister Senator Ishaq Dar.

The ECC also approved a hybrid model of the Ramazan Relief Package (Targeted and Un-targeted) consisting of 19 items for Utility Stores Corporation, budgeted for Rs5 billion. The summary was moved by the Ministry of Industries and Production.

The federal government has decided to provide 19 staple food items at prices lower than the open market under Ramazan Relief Package. The government would provide an Rs4.99 billion subsidy on 19 necessary items in Ramazan, which is lower than last year’s Rs8.28 billion package – a reduction of Rs3.28 billion.
It has been proposed to divide the Ramazan package into targeted and untargeted subsidies. The subsidy will be allocated to people who are registered in the Benazir Income Support Programme (BISP) in Utility stores.
Under the package, an Rs100 per kg subsidy has been proposed for ghee and tea, Rs51.92 per kg for flour, and Rs30 for sugar, milk, and beverages. Meanwhile, it has been proposed to provide Rs50 per kg subsidy on dates and Rs25 on oil.

Moreover, an Rs20 subsidy is likely to be provided for pulses and rice. However, an Rs27.12 per kg subsidy will be provided for citizens – who are not beneficiaries of the Benazir Income Support Programme (BISP).

On the occasion, the Ministry of Energy (Power Division) submitted a summary on Uniform Tariff for K-Electric at par with XWDICSOS 2nd Quarter 2021-22. The ECC approved tariff rationalization for K-electric by way of adjustments on the consumption of July 2022 to September 2022 and to recover from consumers from March 2023 to May 2023 respectively.

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ECC approves increase in gas prices by up to 124 per cent

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SSGC gas load shedding

ISLAMABAD: To fulfil the International Monetary Fund (IMF) conditions, the government after increasing the electricity prices has approved skyrocketing raise of up to 124 per cent in the gas prices to generate additional revenue of Rs229 billion but kept the price for lifeline consumers unchanged. Federal Minister for Finance and Revenue Ishaq Dar presided over … Read more

ECC approves used tractors import

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ECC tractors import

ISLAMABAD: Instead of supporting the local tractor manufacturers who have already suspended their operations or are on the verge of it because of lacklustre sales, the government has decided to allow the import of up to five-year-old tractors. The decision was taken in the meeting of the Economic Coordination Committee (ECC) of the Cabinet held … Read more

ECC reduces take-or-pay commitment for RLNG plants

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ECC reduces take-or-pay commitment for RLNG plants

ISLAMABAD: The Economic Coordination Committee (ECC) of the Cabinet on Wednesday approved the proposal of the Power Division to fix the minimum take-or-pay commitment for three public sector regasified liquefied natural gas (RLNG) power plants at 33 per cent under the power purchase agreement (PPA) and gas supply agreement (GSA) to guard the interests of … Read more

ECC approves subsidised electricity tariff for export-oriented industries

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Electricity K-Electric

ISLAMABAD: The Economic Coordination Committee (ECC) of the Cabinet has approved subsidised electricity tariff of Rs19.99/kWh for the export-oriented industries from October 1 till June 2023. Federal Minister for Finance and Revenue Ishaq Dar presided over the meeting of the ECC on Monday On a summary from the Ministry of Commerce to keep the export-oriented … Read more

ECC scraps tenders to import 500,000 tonnes of wheat

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wheat

ISLAMABAD: The Economic Coordination Committee (ECC) of the federal cabinet has scrapped tenders for 500,000 tonnes of wheat import allowed two days ago. The meeting was chaired by Federal Minister for Finance and Revenue Miftah Ismail. The Ministry of National Food Security and Research submitted a summary relating to awarding the second international wheat tender … Read more

ECC approves 3G/4G spectrum auction committee

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ECC approves 3G/4G spectrum auction committee

Tuesday, Pakistan’s government approved a committee to oversee NGMS spectrum auctions. Mobile operators won 30 MHz in 1900/2100, 29 MHz in 1800, and 10 MHz in 850. PTML/Ufone received 29 MHz in the 1800 MHz band for 15 years. The ECC has given its approval to the constitution of a committee that would oversee spectrum … Read more

ECC approves bid to purchase 500,000 metric tonnes of wheat

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ECC
  • The Economic Coordination Committee (ECC) approved on Tuesday for the bid to purchase 500,000 metric tonnes of wheat
  • The meeting was chaired by the Minister of Finance Miftah Ismail.
  • During the meeting, the ECC decided that the finance minister would lead a review of the report on the Next Generation Mobile Spectrum. The Committee approved to import 120,000 tons of wheat for Afghanistan under the World Food Program
  • The meeting also approved a grant of Rs 1.93 billion for import policy from Afghanistan and payment of external debt for imports in Pakistani currency

 

ISLAMABAD: The Economic Coordination Committee (ECC) approved on Tuesday for the bid to purchase 500,000 metric tonnes of wheat. The meeting was chaired by the Minister of Finance Miftah Ismail.

According to the details, during the meeting, the ECC decided that the finance minister would lead a review of the report on the Next Generation Mobile Spectrum. The Committee approved to import 120,000 tons of wheat for Afghanistan under the World Food Program (WFP), and it was decided that all the expenses of wheat imported for Afghanistan would be recovered in dollars.

During the meeting, the ECC affirmed consultation with the concerned health departments to declare Lumpy Skin Disease as a National Disease Emergency. The ECC also relaxed the import ban on timber importers till August 31.

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Pakistan set to allow import payments to Afghanistan in Rupee

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Pakistan

The ECC of the Cabinet agreed a 10 percent regulatory charge on the import of motor spirit. The decision was made during a meeting of the ECC convened in the Finance Division. The committee will also consider approving technical supplemental funds. A meeting of the Economic Coordination Committee (ECC) has been called by Finance Minister … Read more

MPIMA demand “cruel” policy on smartphone industry be repealed

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MPIMA

The MPIMA has asked for the cancellation of the 100% cash margin and prior approval from the central bank on import LCs (letters of credit). They also requested that the R&D allocation be increased to 8-10% and that an SRO be issued for a New Duty Drawback Scheme on local mobile phone production. The Mobile … Read more

ECC approves reduction in prices of flour, sugar

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ECC

The Economic Coordination Committee (ECC) of the Cabinet has accorded approval to revision of prices of flour and sugar to provide continuous relief to lower strata of the society from global inflationary pressure. Read more: Soaring price amid rising demand: PM Shehbaz bans sugar export Its meeting was held in Islamabad on Monday with Minister for … Read more

ECC green-lights minimum support price of wheat from Rs1950 to Rs2,200/40 kg

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ECC

The Economic Coordination Committee (ECC) has approved the revision of the minimum support price of wheat crop from Rs1950 to Rs2,200 per 40 kilograms. Read more: ECC approves Rs8.2 billion Ramazan package, Rs5,700/40kg support price for cottonseed The ECC met in Islamabad on Thursday with Finance Minister Shaukat Tarin in the chair. It approved wheat procurement … Read more

ECC approves Rs8.2 billion Ramazan package, Rs5,700/40kg support price for cottonseed

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ECC

ISLAMABAD: The Economic Coordination Committee (ECC) of the Cabinet on Tuesday approved Ramazan Relief Package worth Rs8.2 billion and allowed Rs5,700/40kg threshold intervention price for cottonseed to ensure fair price for the farmers. Federal Minister for Finance and Revenue Shaukat Tarin presided over the meeting. The ECC, in principle, approved the Ramazan Relief Package, 2022, … Read more

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