Friday, April 19, 2024

ECC Approves Rs. 7.5 Billion Ramazan Relief Package

The Economic Coordination Committee (ECC) of the Cabinet sanctioned the proposed Ramazan Relief Package-2024, totaling Rs. 7,492.75 million, aimed at providing relief to the public during the upcoming holy month of Ramazan.

This subsidy will benefit targeted beneficiaries of the Benazir Income Support Programme (BISP), as outlined in the 2023-24 budget.

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Chaired by Federal Minister for Finance, Revenue, and Economic Affairs, Dr. Shamshad Akhtar, the ECC meeting saw the participation of key ministers and officials from relevant ministries.

Among the decisions made, the ECC approved a summary from the Ministry of Commerce (Tariff Policy Wing) regarding “Individual Tariff Rationalization Proposals from Different Sectors for Review of Custom Duties,” emphasizing coordination with trade policy.

Furthermore, a proposal from the Ministry of Commerce regarding “Permission to Import Wheat and Export of Wheat Flour under Export Facilitation Scheme 2021” was endorsed, with directives given to enhance opportunities for value-added exports.

Additionally, the ECC greenlit a summary from the Power Division regarding the “Commissioning of 1263 MW CCPP Punjab Thermal Power (Pvt) Limited, Jhang (PPTL).” Another proposal from the Ministry of Commerce regarding “Sharing of Subsidy on Imported Urea at 50:50 Basis Technical Supplementary Grant for Ministry of Commerce” was approved, with Rs. 6 billion allocated for clearing subsidy arrears from the previous financial year.

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The ECC also directed provincial governments to clear their respective arrears of subsidy on urea. Additionally, the Ministry of Planning, Development & Special Initiatives briefed the ECC on the country’s inflation situation, with directives given for detailed analysis of data collected by the Pakistan Bureau of Statistics to inform timely measures.

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Zain is a dynamic business student with a passion for technology that goes beyond the classroom. When he's not immersed in his studies, Zain can be found playing with the latest gadgets, fueled by a genuine curiosity for emerging tech trends. His love for technology extends to his avid reading habits, where he stays updated on the latest advancements and breakthroughs in the tech world. Despite his academic focus, Zain is also an outdoor enthusiast, always ready for an adventure. With several years of experience in writing news, Zain brings a unique blend of business acumen, tech-savviness, and journalistic expertise to any discussion or project.

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