ISLAMABAD: The Economic Coordination Committee (ECC) of the cabinet, expected to meet on Wednesday, would be taking up a heavy agenda, including $200 million rupee-linked offshore bonds, revised markup rates on federal loans for provinces and public sector entities, the Rs739 billion Karachi Transformation Plan (KTP) and the first phase of the rationalisation plan for federal subsidies.
Informed sources told Dawn that newly appointed Finance Minister Dr Hafeez Shaikh had been assured by the prime minister at a weekend meeting that the Revenue Division would be restored to his portfolio. As a result, the twice postponed ECC meeting was being fixed for Wednesday (Dec 16).
The meeting will take up at least 8-point agenda. One of them related to technical supplementary grants (TSG) for projects of the Islamabad Capital Territory Administration after transfer of some crucial responsibilities from Municipal Corporation Islamabad. Another pertains to Pakistan’s contributions to international organisations, like United Nations Population Fund, Partners in Population and Development (PPD) and International Planned Parenthood Federation — Family Planning Association of Pakistan (IPPF-FPAP) for three years i.e FY2018-19 to FY2020-21 and outstanding contribution to World Health Organisation (WHO).
The sources said the ECC would approve the launch of Pakistani rupee-linked offshore bonds by International Finance Corporation (IFC) worth about $200m. They said the Ministry of Finance, State Bank of Pakistan and the Securities and Exchange Commission of Pakistan had completed the consultations for the offshore bond launch.
