ISLAMABAD: The Economic Coordination Committee (ECC) of the Cabinet on Tuesday approved a relief package of Rs5.8 billion for the victims of recent monsoon rains.
The committee which met under the chairmanship of the Federal Minister for Finance and Revenue, Muhammad Aurangzeb, also directed the Finance Division to immediately release Rs4 billion to mitigate the sufferings of the affected people.
The committee accorded in-principle approval to a proposal submitted by the National Disaster Management Authority (NDMA) regarding federal assistance for the victims of recent monsoon rains and approved a relief package of Rs5.8 billion.
The ECC considered a summary submitted by the Ministry of Maritime Affairs regarding the arrest of Pakistan National Shipping Corporation (PNSC) ships in South Africa due to alleged claims of M/s Coniston against Pakistan Steel Mills Ltd.
Pakistan resumes rescue operations in flood-hit areas; death toll over 300
After deliberations, the ECC directed the Finance Division to reimburse Rs330.526 million to PNSC through a technical supplementary grant (TSG) as per an earlier ECC decision taken in 2017, while further instructing the Ministry of Industries and Production to expedite the finalisation and settlement of the arbitration case in court and report back within three months on the progress achieved in resolving this matter on priority basis.
The ECC also approved a proposal of the Power Division for the uniform application of fuel charges adjustment across the country. On another agenda item, the ECC approved the term sheet jointly prepared by relevant stakeholders including NEECA, SBP and banks, based on the Draft Tripartite Agreement for the launch of the Prime Minister’s Fan Replacement Programme.
To kick-start the programme, the ECC also approved a TSG of Rs2 billion in favour of NEECA. The ECC approved a TSG of Rs250 million for the National Security Division for its Strategic Policy Planning Cell, with the decision that the remaining amount would be released in a phased manner subject to contextualisation and rationalisation of expenditures in consultation with the Finance Division.
On a proposal from the Finance Division regarding the subsidy for RAAST QR Code based person-to-merchant payments, the ECC approved an allocation of Rs3.5 billion through TSG for the current financial year with provision for continuation for three years, aimed at accelerating digital adoption and promoting the digital economy.
The ECC further decided that the State Bank of Pakistan would notify the scheme immediately and submit a comprehensive evaluation report to the ECC on the operational effectiveness of the MDR subsidy scheme by the close of the fiscal year. The ECC also considered and approved a summary submitted by the Industries and Production Division pertaining to the New Energy Vehicle Policy 2025-30. The committee commended the division for preparing a comprehensive and forward-looking policy aligned with international best practices and recognised its potential to steer the country’s transition towards electric vehicles.
The ECC was further briefed on the risk coverage scheme for small farmers and underserved areas which is designed to provide coverage to subsistence farmers in Punjab and Sindh as well as all farmers in Khyber Pakhtunkhwa, Balochistan, Azad Jammu and Kashmir and Gilgit-Baltistan in view of their low share in current agricultural credit disbursements.
Copyright Business Recorder, 2025
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