ECC defers gas hike once again

• The gas price hike summary is reported to be part of the International Monetary Fund's (IMF) terms.
• The ECC has decided to make Pakistan Postal Insurance a company, as part of another important condition of the Financial Action Task Force (FATF)

The Economic Coordination Committee (ECC) on Tuesday has once again deferred the rise in gas prices. The ECC has directed the proposal to further improve the minimum burden on the public.

The meeting of the ECC was chaired by Advisor on Finance Dr Abdul Hafiz Sheikh. The finance advisor has directed the authorities to further improve the gas price hike proposal and said that a proposal should be made that would put minimum burden on the people.

Months ago, gas prices were proposed to increase by 15 percent. As per details, the gas price surge summary is reported to be part of the International Monetary Fund's (IMF) terms. In the meeting, the committee approved the technical supplementary grant for the Ministry of Defense and the establishment of the Digital Media Wing in the Ministry of Information.

The ECC has decided to make Pakistan Postal Insurance a company, as part of another important condition of the Financial Action Task Force (FATF) and has approved the approval of Rs700 million paid up capital for postal insurance. The postal insurance company will be under the regulations of Securities and Exchange Commission of Pakistan (SECP).