ECC shifts SBP’s financing to Exim Bank and greenlights major financial moves
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The Economic Coordination Committee (ECC) of the Cabinet decided to phase out the State Bank of Pakistan’s (SBP) long-term financing facility (LTFF) to Exim Bank. The decision was made during a meeting chaired by Finance Minister Muhammad Aurangzeb. The SBP’s LTFF portfolio of Rs330 billion will be gradually shifted to Exim Bank, with an allocation of Rs1.001 billion for the new fiscal year (FY 2025) to meet subsidy requirements.
This move marks the transition of export-related financing from the SBP to Exim Bank. The committee also approved a proposal for a Technical Supplementary Grant (TSG) of Rs2 billion to the Ministry of Information and Broadcasting. The grant will be used to settle outstanding advertisement dues owed to media houses.
Additionally, the ECC approved Rs430 million in TSG for the Ministry of Defence to implement SAP schemes in Punjab. The committee also allocated Rs250 million as government-paid-up capital for the Jinnah Medical Complex & Research Centre in Islamabad, which will be a state-of-the-art 1,000-bed academic medical center.
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