ECC approves major economic measures for various sectors

ISLAMABAD: The Economic Coordination Committee (ECC) of the Cabinet on Friday approved a series of key measures targeting industrial growth, housing finance, telecom reform, and green development.

According to a press release by the finance ministry, the committee met under the chairmanship of Finance Minister Senator Muhammad Aurangzeb.

In a landmark step toward climate finance, the ECC approved Pakistan’s first Green Taxonomy to channel investments into environmentally sustainable projects. The taxonomy, proposed by the Ministry of Climate Change, is expected to improve access to green financing and support the country’s climate commitments.

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To support skill development, the Committee approved an Rs1 billion government guarantee for launching the Pakistan Skill Impact Bond (PSIB), a first-of-its-kind outcome-based financing initiative led by the Ministry of Education. The Ministry was also encouraged to explore public-private partnerships to reduce reliance on state guarantees.

In housing, the ECC approved a markup subsidy and risk-sharing scheme aimed at increasing access to low-cost housing finance. It also directed the Ministry to develop a nationwide housing database with provincial coordination to improve policy targeting.

On the pricing of edible oil and ghee, the Ministry of Industries assured the ECC of sufficient national stock, but the Committee voiced concern that international price reductions were not benefiting domestic consumers. It directed stronger market oversight in collaboration with the Competition Commission and provincial authorities.

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In the telecom sector, the ECC approved a revision of charges for Radio-Based Services (RBS) and directed periodic updates in line with technological and economic changes. It also endorsed a revised advisory committee for managing the release of IMT spectrum to enhance broadband services.

It endorsed a report by the Ministry of Commerce to promote export-led growth in Pakistan’s steel sector under the new National Tariff Policy 2025–30, which focuses on reducing production costs.

The committee also approved a government appeal against a Lahore High Court ruling on gas tariff concessions to Ghani Glass Ltd., noting such energy subsidies had already been withdrawn from all sectors.

Lastly, the ECC formally recognized ship breaking and recycling as an industrial sector. However, the Ministry of Maritime Affairs was directed to coordinate with the Power Division to assess the impact of applying industrial electricity tariffs to this newly recognized sector.

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The meeting was attended by Federal Minister for Power Sardar Awais Ahmed Khan Leghari, Minister for Petroleum Ali Pervaiz Malik, Minister for Commerce Jam Kamal Khan, along with senior officials from relevant ministries, divisions, departments, and authorities.