ECC Initiatives Boost Economic Stability in Pakistan

The Economic Coordination Committee (ECC) of the Cabinet recently made significant decisions to address various economic challenges faced by Pakistan. One of the key approvals was the export of 0.15 million metric tons of surplus sugar, with a strict condition to monitor and control the retail price of sugar. The ECC emphasized that if there is any increase in the retail price, the permission for export will be revoked to ensure stability in the domestic market. Additionally, the ECC directed that the export proceeds should be utilized by the sugar mills to clear overdue payments to farmers, aiming to support the agricultural sector.

Furthermore, during a meeting chaired by the Federal Minister for Finance & Revenue, the ECC approved Technical Supplementary Grants (TSGs) for various crucial areas. These grants included allocations for outstanding custom duties/taxes, employee-related expenses, immunization activities, salary and allowances in Gilgit-Baltistan, pending liabilities to PASSCO, and other financial commitments across different sectors. These allocations are expected to streamline financial operations and enhance efficiency in the designated sectors.

Moreover, the ECC granted approvals for several development projects, such as the Somali National Identification System, the Women Inclusive Finance Project, the Audit Management Information System, and the Green Tourism Pakistan Project. Funds were also allocated to address pay shortfalls in the Defence Division, pending liabilities of ration for security forces, and the establishment of additional Corps Headquarters. These initiatives aim to promote technological advancements, financial inclusion, and sustainable tourism in Pakistan.

In addition, the ECC exempted the Higher Education Commission (HEC) from the Relending Policy of Foreign Loans/Credits to autonomous bodies, highlighting the importance of supporting educational institutions. The committee also released funds to settle outstanding claims of Oil Marketing Companies (OMCs), ensuring smooth operations in the energy sector. Furthermore, a finance facility extended to Pakistan Petroleum Limited (PPL) by Oil & Gas Development Company Limited (OGDCL) was approved for repayment, with a condition for PPL to clear its liabilities towards the Government of Pakistan using the received funds, emphasizing financial accountability.

The decisions taken by the ECC reflect a comprehensive approach towards economic stability and growth. By addressing key issues related to agriculture, finance, development projects, education, and energy, the ECC aims to enhance the overall economic landscape of Pakistan and ensure sustainable progress in various sectors.