ECC approves over Rs 11Bn for relief, digital payments

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BeNewz Report

ISLAMABAD: The Economic Coordination Committee (ECC) of the Cabinet, chaired by Finance Minister Senator Muhammad Aurangzeb, convened on Tuesday to approve significant financial allocations and key policy proposals aimed at bolstering various sectors of the economy.

The committee approved over Rs 11 billion in grants, including a relief package for monsoon victims and subsidies for digital payments, said an official statement issued by the finance ministry.

Major Financial Allocations Approved

The ECC greenlit a Rs 5.8 billion relief package for those affected by recent monsoon rains, with a directive to immediately release Rs 4 billion to the National Disaster Management Authority (NDMA) to mitigate public suffering. In a move to accelerate digital adoption, the committee also approved a Rs 3.5 billion grant for the RAAST QR Code-based payment system subsidy, ensuring its continuation for three years. The State Bank of Pakistan was instructed to immediately notify the scheme and submit an evaluation report by the end of the fiscal year.

Policy and Program Approvals

In a forward-looking decision, the ECC approved the New Energy Vehicle Policy 2025-30, commending the Industries & Production Division for its comprehensive approach to transition the country towards electric vehicles. The committee also formally approved the term sheet for the Prime Minister’s Fan Replacement Programme and allocated a Rs 2 billion grant to the National Energy Efficiency and Conservation Authority (NEECA) to initiate the project.

Additionally, the ECC approved the uniform application of fuel charge adjustments across the country, a proposal submitted by the Power Division.

Other Key Decisions

• The ECC directed the Finance Division to reimburse Rs 330.526 million to the Pakistan National Shipping Corporation (PNSC) to resolve an issue concerning the arrest of its ships in South Africa.
• A Rs 250 million grant was approved for the National Security Division’s Strategic Policy Planning Cell, with the remaining amount to be released in phases.
• The ECC was briefed on a new risk coverage scheme for small farmers, which aims to provide formal credit to more than 750,000 new borrowers over the next three years.
• The committee also reviewed the overall gas sector and supply situation, instructing the Petroleum Ministry to take effective measures to control losses and ensure operational efficiency.