ECC approves Rs. 20 biln as a special allocation for Operation Azm-e-Istehkam during CFY 2024-25

ISLAMABAD, August 22 (SABAH): The Economic Coordination Committee (ECC) of the Cabinet has approved Rs. 20 billion as a special allocation for Operation Azm-e-Istehkam during CFY 2024-25.

Federal Minister for Finance and Revenue Senator Muhammad Aurangzeb chaired a meeting of the Economic Coordination Committee (ECC) of the Cabinet at the Finance Division on Thursday.

The meeting was attended by the Minister for Industries & Production Rana Tanveer Hussain, Minister for Commerce Mir Jam Kamal Khan, Minister for Privatization Abdul Aleem Khan, Minister for Planning, Development & Special Initiatives Ahsan Iqbal Chauhdry, Minister for Economic Affairs Ahad Khan Cheema, Minister for Petroleum Senator Dr. Mussadiq Masood Malik, Minister for Power Sardar Awais Ahmed Khan Leghari, Deputy Chairman Planning Commission, Federal Secretaries, and other senior officials of the relevant ministries.

The ECC approved the summary of the Ministry of Industries & Production regarding the export of further 0.100 million MT of Sugar with the following conditions:

a. In view of procedural delays encountered during export of sugar, the period allowed for export of sugar from the date of allocation of quota by respective Cane Commissioner shall be extended from forty-five (45) days to sixty (60) days;

b. Export proceeds shall be received in advance in case of Afghanistan only through banking channel however, export proceeds in case of LC may be allowed within a period of 60 days of opening of LC for export of sugar to other destinations;

c. Benchmark for Retail Price of sugar may be delinked from the permission to export sugar as retail price is not directly under the control of sugar mills; and

d. Condition of revoking of export quota in case of non-payment of dues of the growers from proceeds of export of sugar shall be applicable only to the non-compliant mills rather than PMSA as a whole.

Moreover, the ECC decided to monitor the market situation on a monthly basis and review its decision as per emerging needs, and instructed the Sugar Advisory Board to develop a comprehensive sugar policy within two months to address the sector’s challenges and ensure sustainable growth.

The ECC also considered and approved the following Technical Supplementary Grants:

1. Rs. 276.250 million in favor of the Ministry of Interior to HQ Frontier Corps KP(N) TSG for Project Implementation Letters (PILs).

2. Rs. 1951.995 million on account of payment of security charges – Reko Diq Project to Frontier Corps Balochistan (South).

3. Rs. 20 billion as a special allocation for Operation Azm-e-Istehkam during CFY 2024-25.

Meanwhile Federal Minister for Finance and Revenue, Senator Muhammad Aurangzeb, held a virtual meeting with Dr. Adnan Chilwan, Group CEO of Dubai Islamic Bank, to discuss Pakistan’s economic trajectory and explore potential avenues for increased investment in the country. The meeting was attended by Minister of State for Finance Ali Parvez Malik, Secretary Finance, and other senior officers from the Finance Division. Senator Aurangzeb welcomed Dr. Chilwan and expressed gratitude for Dubai Islamic Bank’s continuous engagement with Pakistan’s financial sector. He highlighted the government’s commitment to strengthening economic ties with international partners, particularly in Islamic banking, and expressed optimism about future collaborations with Dubai Islamic Bank.

The Finance Minister provided an in-depth overview of Pakistan’s current economic scenario, emphasizing the progress made in stabilizing the economy and fostering a conducive environment for business and investment. He highlighted key initiatives taken by the government such as broadening the tax base, enhancing the ease of doing business, the digitalization of the Federal Board of Revenue (FBR), and ongoing reforms and restructuring in state-owned enterprises (SOEs) and privatization.

Dr. Adnan Chilwan expressed his appreciation for Pakistan’s economic policies and initiatives, and emphasized that Pakistan remains a strategically important market for Dubai Islamic Bank. Dr. Chilwan reiterated the bank’s interest in playing a larger role in the country’s financial growth, particularly in sectors such as Islamic banking, infrastructure, and SME development.

During the meeting, while exploring the potential areas for investment in Pakistan, the Minister invited the Dubai Islamic Bank to enhance its investment in the country and reaffirmed the government’s dedication to maintaining a stable macroeconomic environment and ensuring that all necessary measures are in place to facilitate foreign investment.

The discussion underscored the importance of strengthening economic cooperation between Pakistan and Dubai Islamic Bank. The meeting reflected the shared commitment of both parties to fostering sustainable economic development and further deepening financial ties between Pakistan and the UAE.