ISLAMABAD: The Economic Coordination Committee (ECC) of the cabinet on Thursday approved the inclusion of tier-4 in the portfolio of the Prime Minister’s Youth Business and Agriculture Loan Scheme under which loans will be term loans only with an end-user rate of 0pc on a first-loss basis on the disbursed portfolio. The scheme has a budgetary allocation of Rs 8.6 billion for the current fiscal year.
Minister for Finance and Revenue Muhammad Aurangzeb chaired the which was attended by Rana Tanveer Hussain, Minister for Industries and Production; Musadik Masood Malik, Minister for Petroleum; Sardar Awais Ahmad Khan Leghari, Minister for Power; Ahad Khan Cheema, Minister for Economic Affairs; Jam Kamal Khan, Minister for Commerce; Ali Parvez Malik, Minister of State for Finance and Revenue; Governor State Bank of Pakistan; Chairman SECP, and Chairman Board of Investment.
The ECC reviewed a summary submitted by the Ministry of Commerce regarding the sharing of subsidy on imported urea on a 50:50 basis. It approved the release of PKR 10 billion to the Ministry for immediate settlement of outstanding dues related to imported urea subsidies. The decision aims to alleviate the financial burden and ensure the smooth and timely availability of urea to meet agricultural needs. The ECC further directed the provinces to fulfill their share of subsidy payments, emphasizing equitable cost-sharing among all stakeholders.
The ECC considered a summary from the Ministry of Federal Education and Professional Training seeking approval for the provision of a PKR 1 billion government guarantee to launch the Pakistan Skills Impact Bond (PSIB), with NAVTTC as the issuer of the bond. The Committee advised the Ministry to develop a comprehensive plan and resubmit the summary for consideration.
The ECC approved a summary submitted by the Ministry of Housing and Works for the provision of a Technical Supplementary Grant (TSG) amounting to PKR 1.884 billion. The grant will facilitate necessary expenditures and address the financial requirements of ongoing projects under the Ministry.
The ECC approved a proposal regarding the establishment of the Siah Dik Copper Project in District Chagai, Balochistan, submitted by the Ministry of Industries and Production. It approved the declaration of Private Export Processing Zone (Saindak EPZ), under Section 9A read with Section (k) of the Ordinance. The decision aims to facilitate the development and export potential of the mineral sector in the region.
The meeting also approved a budget allocation of Rs536.1 million for the Ministry of Information and Broadcasting as a technical supplementary grant (TSG). The ECC approved a TSG amounting to Rs2,022,857,991 for the Digital Economy Enhancement Project (DEEP) NADRA, as surrendered by the Ministry of Information Technology & Telecom for the year 2024-25 in favor of the Ministry of Interior.
It also approved a proposal from the Ministry of Law and Justice to transfer funds amounting to Rs21,250,000 to the Islamabad High Court for the repair and maintenance works of the buildings of the court.
The ECC approved a Technical Supplementary Grant (TSG) of Rs523.078 million for the Special Investment Facilitation Council (SIFC) for its development needs. Moreover, the meeting considered the summary regarding the security package documents for the 7.07 MW Railii-II Hydro Power Project under the Power Generation Policy 2015.
The ECC approved a Technical Supplementary Grant (TSG) amounting to Rs. 14 billion from the Prime Minister’s National Programme for Solarization of Agricultural Tubewells in Pakistan. The grant will be transferred under the Development Expenditure of the National Food Security and Research Division to the Power Division for onward payment, supporting energy efficiency in the agriculture sector.
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