ECC Approves First Five-Year Gemstone Policy for Major Sector Development

Economic Coordination Committee Approves Five-Year Gemstone Policy

The Economic Coordination Committee (ECC) has green-lit Pakistan’s first-ever five-year gemstone policy, signaling a significant push to formalize and develop the sector’s largely untapped export potential. The decision was made during a meeting chaired by Finance Minister Muhammad Aurangzeb.

In-Principle Approval for PNSC Restructuring

The ECC also gave in-principle approval for the restructuring of the Pakistan National Shipping Corporation (PNSC), under which 30% of the corporation’s shares will be transferred to the National Logistics Cell (NLC) along with management control.

Grants Approved for Various Programs and Measures

The committee approved a technical supplementary grant of Rs3.91 billion for the Prime Minister’s Youth Skills Development Programme, Rs160 million for the Prime Minister’s Office, Rs480 million for the hospital of Frontier Constabulary North, and Rs1.5 billion for the Prime Minister’s National Health Programme.

Relief Measure for Displaced Persons

The ECC raised the monthly subsistence allowance for Jammu and Kashmir refugees of 1989 from Rs3,500 to Rs6,000, effective February 1, allocating Rs580 million to cover payments through June 30.

Outstanding Pension Liabilities and Agri Trade Authority

The meeting further approved Rs1 billion for outstanding pension liabilities of railway employees and a technical supplementary grant of Rs1 billion for the establishment of the National Agri Trade and Food Safety Authority.