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ISLAMABAD: The Economic Coordination Committee (ECC) of the Cabinet, chaired by Federal Minister for Finance and Revenue Senator Muhammad Aurangzeb, approved various financial proposals and policy guidelines during its meeting on Friday.
The ECC approved Rs. 935.78 million for the payment of projected net salaries to Pakistan Steel Mills (PSM) employees for the financial year 2024-25. The funds, to be disbursed monthly, will be drawn from the already approved budgetary allocation of Rs. 3.5 billion.
A proposal from the Ministry of National Food Security and Research for an additional Technical Supplementary Grant (TSG) of Rs. 910 million was approved. The funds will be used for the establishment of the National Food Safety, Animal, and Plant Health Regulatory Authority (NFSAPHRA).
The ECC endorsed the Power Division’s proposal to amend the annual rebasing determination timeline for NEPRA. Policy guidelines were approved to revise the timeline for annual tariff determinations, with rebasing to take effect from January 1, 2025, onward.
The ECC approved an extension of regulatory duties on iron and steel flat products until March 31, 2025, as recommended by the Tariff Policy Board. It was emphasized that no further extensions would be granted, underlining the Federal Government’s authority per Section 18(3) of the Customs Act, 1968.
The Committee also approved technical supplementary grants (TSG) for Ministry of Foreign Affairs of Rs 90.275 million was sanctioned to cover payments to PAF and PIA for operational efficiency. It also approved Rs. 941.4 million was allocated to meet operational requirements for the financial year 2024-25.
The ECC approved replacing bank guarantees with insurance guarantees for Afghan Transit Trade facilitation through Gwadar Port. This revision, applicable to the import of Di-Ammonium Phosphate (DAP) under APTTA, supersedes the bank guarantees imposed on October 7, 2023.
The ECC reluctantly approved budget proposals for FY 2024-25 submitted by the Ministry of Overseas Pakistanis and Human Resource Development (MOPHRD) concerning the Employees’ Old-Age Benefits Institution (EOBI). However, the revised estimates for FY 2023-24 were rejected. The Committee expressed strong displeasure over the delayed submission of proposals and the absence of EOBI audits since 2019. Authorities were directed to investigate the delays and provide a report within one week.
Finance Minister Senator Muhammad Aurangzeb underscored the importance of efficient and transparent implementation of all ECC decisions to ensure the achievement of desired outcomes.
