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Pakistan is getting rid of LIBOR and adopting SOFR: ECC will discuss it on Feb 1

ISLAMABAD: Pakistan is getting rid of the London Inter-Bank Offered Rate (LIBOR) and replacing it with the Secured Overnight Financing Rate.

The Economic Coordination Committee (ECC) of the Cabinet, is scheduled to meet on February 01, 2024, to discuss the transition from London Inter-Bank Offered Rate (LIBOR) to Secured Overnight Financing Rate (SOFR).

The comprehensive sustainable plan of price rationalization for subsidized wheat in Gilgit Baltistan will also be reviewed. 

The agenda further includes the allocation of a Technical Supplementary Grant (TSG) of Rs30 million to the Ministry of Aviation for a project Titled “Modernization of Hydromet Services of PMID in Pakistan (MHST)”.

It will likely consider the request for TSG of Rs38.856m for the Institutional Reforms Cell (IRO), according to the Mettis Global.

Importation of Sahiwal Bull for Pakistan as Semen Donors for the National Artificial Insemination (Al) Program will also be discussed. 

The meeting will likely approve the TSG for Rehabilitation of Flood Damaged Ruml Roads in Khyber Pakhtunkhwa through the Counter Value Fund Deposited under Japanese Grant Aid. 

Provision of Clean Drinking Water in Model Arcas UC 99, 100 and 101 Lahore through Counter Value Fund Deposited under Japanese Grant Aid is also included in the agenda.

The house will also cosider the Budgetary Allocation/ Rupee Cover for the Utilization of Foreign Aid for the FY 2025-24. 

The committee will also consider providing additional funds amounting to Rs1,591.624mn through TSG to procure servers and hire consultants for the Financial Year 2023-24. 

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I am an experienced writer, analyst, and author. My exposure in English journalism spans more than 28 years. In the past, I have been working with daily The Muslim (Lahore Bureau), daily Business Recorder (Lahore/Islamabad Bureaus), Daily Times, Islamabad, daily The Nation (Lahore and Karachi). With daily The Nation, I have served as Resident Editor, Karachi. Since 2009, I have been working as a Freelance Writer/Editor for American organizations.


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