ISLAMABAD: The Economic Coordination Committee (ECC) has approved the proposed revised features of the scheme and its budgetary impact as recommended by the State Bank of Pakistan (SBP).
The ECC considered a summary of the Finance Division regarding the SME Asaan Finance (SAAF) Scheme for consideration.
Chairing the ECC meeting, Federal Minister for Finance and Revenue, Senator Mohammad Ishaq Dar, presided over the proceedings.
Several federal ministers and state officials attended the meeting, including Federal Minister for Commerce Syed Naveed Qamar, Federal Minister for Power Khurram Dastgir Khan, Federal Minister for Industries and Production Makhdoom Syed Murtaza Mehmood, Shahid Khaqan Abbasi MNA/Ex-PM, Minister of State for Petroleum Musadik Masood Malik, SAPM on Finance Tariq Bajwa, SAPM on Revenue Tariq Mehmood Pasha, SAPM on Government Effectiveness Dr. Jehanzeb Khan, Coordinator to PM on Economy Bilal Azhar Kiyani, and Coordinator to PM on Commerce & Industry Rana Ihsan Afzal, along with federal secretaries and other senior officers.
During the meeting, a summary of the Ministry of Industries and Production was discussed, focusing on the Urea fertilizer requirement for the Rabi season 2023-24. Based on the recommendations of the Fertilizer Review Committee (FRC), the ECC decided to allow the SNGPL-based plants, including Fatima Fertilizer (Sheikhupura) and Agritech, to operate beyond August 31, 2023, until October 15, 2023.
ECC addresses different sectors
The ECC also addressed a summary submitted by the Pakistan Atomic Energy Commission regarding the issuance of a Government of Pakistan Guarantee for the Chashma Nuclear Power Project Unit -5 (C-5). It was decided to allow the issuance of a gradual sovereign guarantee for the Chasma C-5 project within the IMF program.
Furthermore, a summary of the Ministry of National Food Security & Research regarding the extension of the Financial Schemes of Kissan Package 2022 was discussed. The ECC approved an extension in the time period, considering the fiscal space available until December 31, 2023, for the Financing Schemes of Kissan Package, including provisions for interest-free loans to subsistence farmers in flood-affected areas, PM’s Youth Business and Agriculture Loan Scheme (PMYBALS), Markup Subsidy & Risk Sharing scheme for Farm Mechanization (MSRSSFM), and Interest-Free Loan to landless farmers in flood-affected areas.
The ECC also deliberated a summary of the Ministry of Industries & Production concerning the North Waziristan District (NWD) Single Entity Export Processing Zone. The decision was made to declare a Mineral Lease in Muhammad Khel for an area of 30 Sq. Km (ML – 30) and Exploration Lease located in Manzar Khel for an area of 101 sq. Km (EL-101) as the NWD Single Entity Export Processing Zone under Section 2 (k) of the EPZA Ordinance 1980.
Lastly, the ECC considered and approved a summary from the Ministry of Aviation regarding the state support agreement for the outsourcing of Islamabad International Airport through international competitive bidding.
