Islamabad: In a pivotal session chaired by the Federal Minister for Finance, Revenue, and Economic Affairs, Dr. Shamshad Akhtar, the Economic Coordination Committee (ECC) of the Cabinet made significant strides towards fostering economic growth and stability in the country.
The meeting, attended by key government officials including Minister of Planning, Development, and Special Initiatives Mr. Sami Saeed, Minister for Energy Mr. Muhammad Ali, Minister for Communications, Maritimes Affairs and Railways Mr. Shahid Ashraf Tarar, Minister for Law and Justice Mr. Ahmed Irfan Aslam, Advisor to PM on Finance Dr. Waqar Masood, Chairman FBR Malik Amjed Zubair Tiwana, Chairperson EOBI Ms. Naheed Durrani, Federal Secretaries, and other senior government officers, addressed critical issues affecting the nation.
The Pakistan Bureau of Statistics provided a comprehensive overview of the inflation situation and the latest trends in the prices of essential commodities. In response, the ECC directed the National Price Monitoring Committee to maintain regular coordination with provincial governments to ensure price stability and combat hoarding and profiteering.
One of the key highlights of the meeting was the approval of the Budget of the Employee Old Age Institution (EOBI). The ECC commended EOBI for its recent outstanding performance, noting a significant increase of around Rs. 100 billion in contribution collection. The ECC directed EOBI to adhere strictly to the budget calendar and develop a long-term plan to clear the Rs. 2 trillion liabilities of pension dues. The proposed budget of the organization was unanimously approved.
The ECC also deliberated on the approval of the TAPI project as a Qualified Investment Incentive Package under the Foreign Investment (Promotion and Protection) Act, 2022 (FIPPA). Recognizing the project’s importance, the ECC urged swift action while acknowledging the need for further examination of legal aspects, incentives, and concessions.
Another critical discussion centered on the settlement of capacity deduction issues for imported coal-based projects, with a focus on a side agreement with Port Qasim Electric Power Company. After meticulous consideration, the ECC approved the settlement with PQEPCL as proposed by the Power Division.
In parallel, the Cabinet Committee on State-Owned Enterprises (SOEs) convened, granting approval for the publication of a consolidated report on State-Owned Enterprises for FY 2019-2020, 2020-2021 & 2021-2022, signaling transparency and accountability in government enterprises.
These decisions underscore the government’s commitment to economic development and fiscal responsibility, aiming to address challenges and propel the nation towards sustainable growth.