ECC meeting convened under caretaker finance minister today

ISLAMABAD: A meeting of the Economic Coordination Committee (ECC) has been convened today under the stewardship of the caretaker Finance Minister Shamshad Akhtar. The high-stakes meeting carries a three-point agenda with crucial implications for the nation’s economic stability.

One of the primary matters set for deliberation is the potential authorisation of a substantial wheat import, with sources indicating a quantity of up to one million metric tonnes. This move aims to alleviate concerns about wheat shortages and stabilise domestic food prices, as the nation grapples with ongoing economic challenges.

Summary seeks 193% increase in gas prices

Furthermore, sources have suggested the ECC is poised to approve a technical supplementary grant of approximately Rs 48.4 million, specifically designated to bolster the Inland Revenue Authority (IRA). This allocation is expected to aid the revenue collection efforts, which are instrumental in sustaining the country’s financial health.

In alignment with International Monetary Fund (IMF) stipulations, the ECC is also anticipated to consider an increase in gas prices. While the precise extent of the hike has not yet been disclosed, it is expected to impact both domestic and industrial consumers.

The proposed increase in gas prices, if enacted, will have broad-ranging implications for households and industries throughout Pakistan. While it aligns with international economic commitments, it also raises concerns about potential impacts on the cost of living and business operations.