Finance Minister Ishaq Dar chairs a meeting of the Economic Coordination Committee on Nov. 29. Photo courtesy PID
The Economic Coordination Committee (ECC) on Tuesday approved Rs. 15 billion for the Election Commission of Pakistan (ECP) for the ongoing fiscal year, releasing Rs. 5 billion immediately.
Chaired by Finance Minister Ishaq Dar, the meeting said the remaining balance of the funds allocated for the ECP would be released in tranches following the utilization of the first tranche. The ECP had, earlier this month, sought Rs. 47 billion from the government to conduct the next general elections, but had faced resistance from the Finance Ministry due to the prevailing economic crunch.
The meeting also reviewed a summary submitted by the Finance Division for the launch of Credit Guarantee Scheme under Credit Guarantee Trust Fund through Second Supplemental Trust Deed. Noting that the Pakistan Mortgage Refinance Company Limited had been setup as a joint initiative of the Government of Pakistan and commercial banks/development finance institutions to provide medium- and long-term funding to primary mortgage lenders, it said the World Bank had approved an additional credit line to the government for low-cost housing. This credit line, it recommended, should be passed onto Credit Guarantee Trust Fund to expand the provision of risk cover to financial institutions. Resultantly, the ECC approved the launch of the Credit Guarantee Trust Scheme for low-income housing with $85 million funding from the World Bank.
The Power Division submitted a summary seeking uniform tariff for K-Electric, adding that this adjustment would be applicable on electricity consumption from October 2022 to January 2023, and would be recovered from consumers in bills from December 2022 to March 2023. It also submitted another summary on settlement of payables to government-owned power plants at par with independent power producers. The ECC approved both proposals, granting Rs. 93.438 billion in three tranches of Rs. 31.146 billion each for settlement of payables.
According to a statement, the Commerce Ministry submitted a summary on individual tariff rationalization to review regulatory duties, with the ECC approving a reduction on Disodium Carbonate and imposing duties on filament yarns. The ECC also approved base tariff electric tube wells at Rs. 13/kWH from Rs. 16.60/kWH, effective from Nov. 1 to compensate for damages caused by floods.
The ECC also approved supplementary grant of Rs. 2 billion for flood-related media campaigns in view of a summary by the Information Ministry, seeking allocation of a budget for media awareness campaigns on government initiatives, programs and projects.
Also on Tuesday, the National Food Security and Research Ministry submitted a summary on fixing and notifying minimum prices for next year’s tobacco crop that was approved by the ECC. Additionally, it approved a technical supplementary grant of Rs. 162.521 million for the Housing Ministry, as well as approving Rs. 250 million for the execution of a railways underpass in Gojra and Rs. 144.210 million for execution of development schemes in Dera Ismail Khan.
In addition to the finance minister, the meeting was also attended by National Food Security and Research Minister Tariq Bashir Cheema; Power Minister Khurram Dastgir-Khan; Industries and Production Minister Syed Murtaza Mahmud; Information Minister Marriyum Aurangzeb; Planning Minister Ahsan Iqbal; Special Assistant to the P.M. on Finance Tariq Bajwa; SAPM on Revenue Tariq Mehmood Pasha; former prime minister Shahid Khaqan Abbasi; Coordinator to the P.M. on Commerce and Industry Rana Ihsan Afzal; as well as relevant federal secretaries and officials and the chairman of the Federal Board of Revenue.