ECC approves Rs7.4 billion Ramazan relief package

ISLAMABAD: The Economic Coordination Committee (ECC) of the Cabinet has approved a Ramazan relief package totaling Rs7.4 billion for the year 2024.

The approval came during a meeting chaired by Caretaker Finance Minister Dr Shamshad Akhtar.

The ECC, convened to address various economic matters, deliberated on a summary presented by the Ministry of Industries and Production regarding the Ramazan relief package. Following discussions, the ECC endorsed the proposed relief measures aimed at providing subsidies to targeted beneficiaries of the Benazir Income Support Program (BISP).

In addition to the relief package, the ECC reviewed a summary submitted by the Ministry of Commerce on “Individual Tariff Rationalization Proposals from Different Sectors for Review of Custom Duties.” The forum approved the proposal and recommended that tariff rationalization be aligned with the overarching trade policy.

Furthermore, the ECC considered a proposal regarding “Permission to Import Wheat and Export of Wheat Flour under Export Facilitation Scheme 2021,” presented by the Ministry of Commerce. The committee gave its nod to the proposal and instructed relevant ministries to formulate comprehensive strategies to boost value-added exports.

A summary from the Power Division concerning the “Commissioning of 1263 MW CCPP Punjab Thermal Power (Pvt) Limited, Jhang (PPTL)” was also approved during the meeting.

Another significant decision involved a proposal from the Ministry of Commerce regarding the “Sharing of Subsidy on Imported Urea at 50:50 Basis Technical Supplementary Grant for the Ministry of Commerce.” This proposal received approval, with the release of Rs6 billion allocated to the Ministry of Commerce. The funds are earmarked for clearing arrears of subsidy from the previous financial year, with the ECC directing provincial governments to settle their respective subsidy arrears on urea.

The ECC session also featured a briefing by the planning ministry on inflation. Following the presentation, the forum directed the planning ministry to conduct a thorough analysis of data collected by the Pakistan Bureau of Statistics (PBS). The ECC emphasized the importance of presenting detailed analyses to the committee promptly to facilitate timely decision-making on appropriate measures.

The ECC’s decisions signify a concerted effort to address various economic challenges and ensure effective policy implementation in the country.