ECC Greenlights 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 decision, made during a meeting chaired by Caretaker Finance Minister Dr. Shamshad Akhtar, underscores the government’s commitment to providing support to vulnerable segments of society during the holy month.

The ECC, convened to address a spectrum of economic issues, endorsed the proposed relief measures put forth by the Ministry of Industries and Production. These measures aim to extend subsidies to targeted beneficiaries of the Benazir Income Support Program (BISP), offering essential assistance to those in need.

In addition to the Ramazan relief package, the ECC reviewed and approved a proposal for individual tariff rationalization from different sectors, aligning customs duties with the overarching trade policy. This move is expected to streamline trade processes and enhance competitiveness in various sectors.

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Furthermore, the ECC gave the green light to a proposal facilitating the import of wheat and the export of wheat flour under the Export Facilitation Scheme 2021, aiming to bolster value-added exports and ensure stability in the wheat market.

The committee also approved the commissioning of the 1263 MW CCPP Punjab Thermal Power (Pvt) Limited in Jhang, signaling progress in the country’s energy sector.

Another significant decision involved the sharing of subsidies on imported urea, with the ECC approving the allocation of Rs6 billion to the Ministry of Commerce. These funds will be utilized to clear arrears of subsidy from the previous financial year, with provincial governments directed to settle their respective subsidy arrears on urea.

The ECC session also featured a briefing by the planning ministry on inflation, prompting the committee to call for a thorough analysis of data collected by the Pakistan Bureau of Statistics (PBS). The emphasis on data-driven decision-making underscores the government’s commitment to addressing economic challenges effectively.