The ECC approved a technical supplementary grant of Rs51.5mth
ISLAMABAD: The Cabinet Economic Coordination Committee (ECC) on Wednesday approved a technical assistance fund of Rs51.5 billion for various ministries and government programs, including subsidies for consumers to purchase important items during Ramazan.
Prime Minister of Finance and Revenue Advisor Hafeez Shaikh chaired the ECC meeting in the cabinet division.
The committee approved Rs50 billion as a technical complementary grant to Utility Stores Corporation (USC) announced under the Prime Minister’s aid package.
Shaikh directed USC to ensure the supply of important goods at lower prices to people after the current situation is prevalent in the country because COVID-19 as well as during the months approaching Ramazan.
The government has disbursed Rs21 billion to USC after December 2019 for the procurement of important goods. USC Managing Director Omar Lodhi said the corporation effectively utilized its market presence to provide affordable goods to people in times of need.
The ECC subsequently approved six technical complementary grants, which included Rs842 million to pay off implementing agencies for the prime minister’s youth loan scheme during the current 2019/20 fiscal year, Rs90,459 million for Pakistan’s Nuclear Regulatory Authority to help fulfill its obligations. , Rs 5 million to allow the defense ministry to buy parts for helicopter maintenance during the current fiscal year, Rs 2,074 million received as a grant from the US embassy supporting HQ Frontier Constabulary Peshawar for the construction of a border police training center in Michni Shabqadar and Rs300 million in support of the information ministry and broadcasting to carry out a communication campaign for the Ehsaas program in the next three months.
The committee also nodded $ 1.5 million to the energy ministry to pay legal advice hired on behalf of the state in the case of international litigation against the Turkish ship-based energy company Karkey. In 2018, the arbitration body of the International Center for Settlement of Investment Disputes called on Pakistan to pay $ 760 million along with interest to Karkey, who submitted an arbitration claim against the country under a bilateral investment agreement.
The ECC called on the economic affairs division to submit a proposal to recover foreign currency loans from private sector borrowers – Gladari Cement Limited – after consulting with the State Bank of Pakistan (SBP).
The Committee directs the SBP to negotiate with all relevant stakeholders and produces practical and practical solutions to problems in the proposal by the energy ministry to allow a gain / loss of more than seven percent for late payments for the Kohala hydropower project.
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