ECC approves membership in BRICS’ New Development Bank

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The Economic Coordination Committee (ECC) of the Cabinet convened on Friday under the chairmanship of Federal Minister for Finance & Revenue, Senator Muhammad Aurangzeb, to review and approve various summaries submitted by federal ministries. The meeting, attended by key ministers and senior officials, resulted in significant decisions aimed at strengthening Pakistan’s economic regulatory framework and fostering international partnerships.

In response to a proposal from the Ministry of Commerce, the ECC approved the inclusion of PCT/HS codes for newly mandated products by the Pakistan Standards and Quality Control Authority (PSQCA) into the Import Policy Order (IPO) 2022. This decision ensures compliance with Pakistan Standards for specific PVC and polymer-based items.

As part of efforts to enhance global financial cooperation, the ECC endorsed Pakistan’s membership in the New Development Bank (NDB), established by BRICS countries. The committee approved the acquisition of 5,882 capital shares, valued at USD 582 million, with USD 116 million as paid-in capital.

Further deliberations focused on the transfer of DISCOs’ shares to the President of Pakistan, as proposed by the Ministry of Energy (Power Division). The ECC approved the transfer, contingent upon confirmation that it would not have any adverse financial implications.

The committee also gave the green light for the establishment of an International Joint Trading Company in Singapore through a collaboration between Pakistan State Oil (PSO) and the State Oil Company of Azerbaijan Republic (SOCAR). The Ministry of Petroleum was instructed to exercise strict oversight regarding investment approvals, equity injections, and the operational timeline of the venture.

To support key national initiatives, the ECC approved Technical Supplementary Grants (TSGs) amounting to Rs 27 billion. These grants include:

• Rs 19.15 billion allocated under the Finance Division for 133 PSDP schemes previously managed by the Pakistan Public Works Department (Pak-PWD). These funds will now be distributed among respective ministries, divisions, and provincial governments.
• Rs 5.36 billion earmarked for the Ministry of Housing and Works to advance sustainable development goals (SDGs) in Sindh and Khyber Pakhtunkhwa.
• Rs 1.914 billion (USD 6.836 million) directed to NADRA for the FATA TDP-ERP (KP-CCDSP) Project, ensuring the operational continuity of 43 Citizen Facilitation Centers (CFCs) in Khyber Pakhtunkhwa.
• Rs 500 million allocated to the Ministry of National Health Services, Regulations & Coordination (NHSR&C) for the procurement of critical medicines and vaccines, with instructions to formulate a sustainable pension payment solution.
• Rs 84 million designated for the President’s Secretariat (Public) to upgrade its official transport fleet through the phased procurement of new vehicles.

Additionally, the ECC approved funding for the Digital Economy Enhancement Project (DEEP) – Component II, facilitating the establishment of the Pakistan Business Portal (PBP) under the Board of Investment (BoI). This initiative aims to streamline regulations, eliminate redundant laws, and provide businesses with a comprehensive digital platform.

The ECC’s decisions reflect Pakistan’s proactive approach to economic governance, regulatory compliance, and international cooperation while ensuring fiscal responsibility and strategic development across multiple sectors.