Daily Times

Federal Minister for Finance & Revenue, Senator Muhammad Aurangzeb presided over a meeting of the Economic Coordination Committee (ECC) of the Cabinet on Tuesday.

The meeting was attended by the Minister for Commerce Mir Jam Kamal Khan, Minister for Petroleum Senator Dr. Musadik Masood Malik, Minister for Privatization Abdul Aleem Khan, Minister for Industries & Production Rana Tanveer Hussain, Chairman SECP, Deputy Chairman Planning Commission, Federal Secretaries, and other senior government officials of the relevant ministries. Minister for Economic Affairs Ahad Khan Cheema and MD PASSCO attended the meeting online.

The Economic Coordination Committee (ECC) reviewed and approved a number of proposals from various Government Ministries and Divisions. The ECC gave approval to increase the wheat procurement target for PASSCO from 1.40 to 1.80 MMT along with the required Cash Credit Limit for the purchase of additional quantity. The approval would help PASCCO scale up its on-going wheat procurement drive. The ECC also approved the proposal for import of 200,000 MTs of Urea fertiliser to meet the requirements for Kharif 2024 as proposed by Ministry of Industries & Production. The Ministry was also directed to continuously assess the demand & supply situation of urea and suggest appropriate measures to the ECC in a timely manner. ECC also gave go-ahead to Ministry of Industries & Production’s request for the disbursement of salaries of PSM workers and directed the Ministry to present a detailed plan for the future use of the asset along with timelines.

ECC also allowed Power Division’s request for release of budgeted expenditures to clear the arrears of tariff differential subsidy Rs. 70 billion for KE and Rs 55 billion for AJK. This would help ease the liquidity requirements of the Power Sector. The ECC considered a summary to authorize BISP to arrange funds from its allocated budget for financing the Special Relief Package for Daily Wage Workers on the Chaman Border, highlighting government support for the vulnerable group. Further, the ECC considered and approved proposals for Technical Supplementary Grants.

Meanwhile a delegation of international investors led by Ahmad Bozai, MD Citibank Pakistan, called on Federal Minister for Finance and Revenue Senator Muhammad Aurangzeb at Finance Division on Tuesday to explore the investment prospects and economic dynamics in Pakistan. The Finance Minister welcomed the delegation and assured them that the Government of Pakistan is committed to foster an enabling business environment in Pakistan. Throughout the session, he emphasized Pakistan’s improving macroeconomic trends over the past 10 months, characterized by positive economic indicators that have bolstered investor confidence. Additionally, the Minister highlighted Pakistan’s progress towards economic stability, stating that it is now opportune to invest in the country, especially the IT and agriculture sectors, stressing the need for both local and international investment to invigorate the nation’s economy.

Ahmad Bozai expressed Citibank Pakistan’s commitment to supporting Pakistan’s economic development through strategic partnerships and initiatives that aim to unlock the country’s potential and enhance its competitiveness on the global stage. He stressed the need for collaborative efforts between local and international stakeholders.

Reiterating the commitment to promotion of economic growth, the Federal Minister for Finance and Revenue encouraged the delegation to explore opportunities with confidence, as the government remains dedicated to facilitating their investments. The meeting concluded on a shared note of commitment to foster economic growth.