Business

ECC of the cabinet approves Rs. 250 biln as Technical Supplementary Grant in favor of Finance Division

ISLAMABAD, June 23 (SABAH): Federal Minister for Finance and Revenue Senator Mohammad Ishaq Dar chaired the meeting of the Economic Coordination Committee (ECC) of the Cabinet on Friday.

Federal Minister for Commerce Syed Naveed Qamar, Minister of State for Petroleum Senator Dr. Musadik Masood Malik, SAPM on Finance Tariq Bajwa, Coordinator to the PM on Economy Bilal Azhar Kayani, Federal Secretaries and other senior officers attended the meeting.

The ECC considered and approved a Summary of Ministry of Commerce regarding the extension of period for export of Sugar quota by sugar mills in Sindh and allowed them to export the remaining sugar quota of 32,000 MT within 60 days with effect from 12th June onwards in accordance with the Sindh High Court decision.

The ECC also considered a Summary of Ministry of Railways for Provision of additional funds in Grant in Aid to Pakistan Railways for discharge of pending liabilities including salaries and pensions of the staff. It was decided that an additional grant-in-aid of Rs. 2.5 billion may be released to address the shortfall in order to ensure the continuation of operations without interruption.

The ECC considered and approved following Technical Supplementary Grants: 

i.      Rs. 250 billion as TSG in favor of Finance Division for Ways & Means Advances Availed by Provinces for expenditures incurred in excess of the allocated budget and the likely future requirements of the provinces during CFY.

ii.      Rs. 3.628 billion as TSG in favor of Ministry of Housing and Works for execution of development schemes in all provinces.

iii.     Rs. 172.001 million as TSG in favor of Ministry of Housing and Works for ERE liabilities.

iv.     Rs. 1200 million as TSG in favor of Ministry of Housing and Works for execution of 16 development schemes.

v.     Rs. 1238 million as TSG in favor of Ministry of Energy (Petroleum Division) for fulfillment of GoP’s commitment to fund Balochistan Mineral Resources Limited’s obligatory contribution in the Reko-Diq Project for FY 2022-23.