Finance Minister Aurangzeb chairs ECC meeting

Federal Finance Minister Muhammad Aurangzeb on Monday emphasized the importance of timely policy measures to address critical economic, energy and industrial needs, with a focus on transparency and efficiency in implementation.

He stated this while chairing the meeting of the Economic Coordination Committee (ECC) of the Cabinet, which was also attended by Minister for Petroleum Musadik Masood Malik, Minister for Power Sardar Awais Ahmad Khan Leghari, and Minister of State for Finance and Revenue Ali Parvez Malik. Among others, the federal secretaries of concerned ministries, senior officers from relevant departments and divisions also attended the meeting, said a press release issued by the Ministry of Finance.

The ECC reviewed and approved a Technical Supplementary Grant (TSG) of Rs1.945 billion in favor of the Ministry of Defense and Rs. 5.276 million for the National Commission on the Status of Women (NCSW), which involves the reallocation of funds from the Ministry of Human Rights (MoHR).

This decision is aimed at supporting NCSW’s efforts in advancing gender equality and women’s empowerment in Pakistan.

The ECC considered and approved a proposal from the Ministry of Information and Broadcasting for a technical supplementary grant of Rs 2,462.302 million to facilitate the execution of 15 projects under the Public Sector Development Program (PSDP) for fiscal year 2024-25.

The Ministry of Information and Broadcasting also presented a proposal to clear outstanding liabilities for the “Korean Culture Week” event and the 23rd Shanghai Cooperation Organization’s (SCO) Council of Heads of Government (CHG) meeting held in 2024.

Due to insufficient budgetary allocations under operational heads, liabilities amounting to Rs. 25 million for the Korean Culture Week and Rs. 95.822 million for the SCO CHG meeting remain unpaid. The ECC approved the reallocation of
Rs. 120.822 million as a technical supplementary grant.

The meeting approved Ministry of Federal Education and Professional Training presented a request for a technical supplementary grant of Rs. 1.5 billion. The funding is intended to increase the salaries of faculty members under the Tenure Track System, which has not been revised since 2021. The ECC approved the request.

The ECC also approved technical supplementary grant of Rs. 650.357 million to cover security arrangements and maintain law and order during the Shanghai Cooperation Organization Summit 2024, repair safe city cameras damaged during violent protests, and address other law enforcement needs.

Additionally, the ECC approved $ 6.170 million (approximately Rs. 1.72 billion) with M/s Huawei Technologies Company Limited for Ministry of Interior to settle outstanding liabilities. This payment is to clear the remaining 5% of the contract cost for the Safe City Project Islamabad, as directed by the Islamabad High Court.

The Ministry of Industries and Production proposed declaring the warehousing and logistics sector as an industry. The ECC reiterated its previous decision made on August 15, 2024 whereby the summary containing proposal of declaring warehousing as Industry was approved.

The ECC also reviewed a request from the Ministry of Industries and Production to continue the Prime Minister’s Relief Package through the Utility Stores Corporation (USC) in fiscal year 2024-25.

The ECC approved Rs1.679 billion to cover expenses incurred by USC between June 30 and August 18, 2024, on the condition that the subsidy was budgeted for this year, and no further expenditures would be carried beyond this period.

Ministry of Commerce presented a proposal to ban the import of Polyol blended with HCFC-141b and HCFC-142b. The ECC approved the ban, effective from the end of January 2025.

The committee also instructed the Ministry of Climate Change to consult with the Ministry of Industries and Production to ensure the latter has sufficient time to inform the relevant industry. It was further directed that no new LCs for the banned chemicals shall be opened.