Federal Minister for Finance Dr Shamshad Akhtar presided over a meeting of the Economic Coordination Committee (ECC) of the Cabinet today.
The Summary regarding Comprehensive Sustainable Plan for Price Rationalization of subsidized wheat in Gilgit- Baltistan from Ministry of Kashmir Affairs and Gilgit-Baltistan was debated in the presence of Chief Minister Gilgit-Baltistan. The forum gave approval with the direction to Ministry of Finance and Ministry of Kashmir Affairs and Gilgit-Baltistan to work out modalities.
The summary presented by National Food Security & Research regarding Demand and Supply of wheat in the country was discussed at length and got approved. The forum appreciated the steps taken by the ministry for taking the right path in stabilizing the demand and supply situation of wheat in the country.
ECC was briefed about the summary of Aviation Division regarding Allocation of Technical Supplementary Grant of Rs. 500 million to Ministry of Aviation for sub project titled ‘Modernization Of Hydromet Services of PMD in Pakistan (MHSP)’, after due deliberations ECC gave approval of the summary.
Summary for technical supplementary grant (TSG) of Rs. 38.856 million for Institutional Reforms Cell (IRC) from Cabinet Division and summary for export of Sahiwal Bull from Pakistan as semen donors for National Artificial Insemination (AI) Programme of Sri Lanka from Ministry of Commerce was also approved by the ECC after discussion.
The Summaries of Ministry of Finance for approval of TSG for Rehabilitation of flood damaged rural roads in Khyber Pakhtunkhwa through counter value fund deposited under Japanese Grant aid, and Provision of clean drinking water in Model Areas UC 99, 100 & 101 Lahore through counter value fund deposited under Japanese Grant Aid were deliberated upon and got approved. Provision of additional funds amounting to Rs. 1,591.624 million through TSG for procurement of servers and hiring consultants for FY 2023-24 was also approved.
ECC gave approval of TSG amounting to Rs.7.15 Billion during FY 2023-24 for the program title “Actions To Strengthen Performance For Inclusive And Responsive Education”(ASPIRE) for Federal Education and Professional training.
The summaries from Ministry of Housing and Works/ Pak. PWD for Provision of TSG of Rs. 25 million, Provision of TSG of Rs. 319.500 million and allocation of TSG amounting to Rs. 51.960 million for different projects were also approved.
ECC also gave approval of the summaries from Ministry of Planning Development and Special Initiatives for TSG for budgetary allocation/Rupee cover for utilization of Foreign Aid for the FY 2023-24 and Summary for provision of TSG of Rs. 4 billion for 7th Population & Housing Census.
Switch from LIBOR to SOFR
The Economic Coordination Committee also discussed a summary from Ministry of Power regarding Transition from London Inter-Bank offer rate (LIBOR) to Secured Over Night Financing Rate (SOFR) and approved it.
The meeting was attended by the Minister for Privatization Fawad Hasan Fawad, Minister of Planning Sami Saeed, Minister for Communication Shahid Ashraf Tarar, Deputy Chairman Planning Commission, Advisor to PM on Finance, Federal Secretaries, and other senior government officers.