ISLAMABAD: The Economic Coordination Committee (ECC) of the Cabinet has approved Rs134.783 billion for payment to IPPs on second installment (60 percent) as per payment mechanism and Rs4.785 billion in favour of Election Commission of Pakistan (ECP) for conducting local government elections in all provinces and for periodical revision of electoral rolls.
Surprisingly, first and initial response of the Economic Affairs Division and Director General Media Finance was that the meeting was postponed to meet on Wednesday.
However, later on they blamed junior staff for mingling the ECC with Technical Advisory Committee meeting being chaired by Adviser on Finance Shaukat Tarin ahead of the ECC meeting.
They said that the ECC chaired by Omar Ayub and attended by Federal Minister for National Food Security and Research Syed Fakhar Imam, Federal Minister for Industries and Production Makhdoom Khusro Bakhtyar, federal secretaries, and other senior officers participated in the meeting has taken several important decisions.
The ECC deliberated in detail the summary presented by the Ministry of Industries and Production on Small and Medium Enterprises (SMEs) Policy 2021-25. The policy framework is based on reforming the policy and regulatory environment and addressing SME market constraints, both demand and supply side.
On a summary tabled by the Ministry of Industries and Production seeking relaxation of the PPRA rules for import of urea, the ECC, after due deliberation, recommended the PPRA to give exemption of rules to the TCP due to emergency for publishing a second tender advertisement, enabling the TCP to republish the tender till fetching of a low price during the Rabi session-2021-22.
The ECC also considered and approved the following technical supplementary grants (TSGs) of Rs10 billion for the ongoing fiscal year 2021-22 under the Sustainable Development Goals Achievement Program (SAP), Rs338 million during FY 2021-22 in favour of National Rahmatul-Lil-Aalameen Authority (NRA), Ministry of Federal Education and Professional Training, Rs5.85 billion funds in favour of Housing and Works to execute development schemes in Sindh and Baluchistan provinces under (SAP), and Rs1.08 billion from the PSDP to Interior Division for further release to the ICT Administration.
The ECC also approved rupee cover budget against US$ 200 million (equivalent to Pak Rs35 billion) out of US$500 million committed by the Asian Development Bank (ADB) for procurement of Covid vaccine and ancillary goods and services.
Earlier, Adviser to Prime Minister on Finance and Revenue Tarin, presided over the Technical Advisory Committee meeting of the ECC.
Copyright Business Recorder, 2021