ISLAMABAD: The Economic Coordination Committee (ECC) of the Cabinet, chaired by Finance Minister Senator Muhammad Aurangzeb, approved the Circular Debt Management Plan for FY 2024-25 on Monday, aiming to reduce power sector liabilities and improve financial stability.
The ECC discussed various significant agenda items, including:
Circular Debt Management: The Power Division presented the debt management plan for approval to tackle the mounting circular debt, targeting fiscal sustainability in the energy sector.
PSO-SOCAR Agreement: Approval was granted for the Sale Purchase Agreement (SPA) between Pakistan State Oil (PSO) and SOCAR Azerbaijan for POL product supplies.
SCO Meeting Expenses: The Ministry of Information and Broadcasting (MoIB) requested a supplementary grant to cover dues related to the 23rd Shanghai Cooperation Organisation’s (SCO) Council of Heads of Government meeting. The ECC directed re-appropriation of the required funds from MoIB’s budget.
Sugar Export from Khyber-Pakhtunkhwa: The Ministry of Industries and Production reported that Khyber-Pakhtunkhwa’s sugar needs are met by surplus from other provinces, with no local shortage anticipated. The ECC upheld its previous decision allowing exports.
Supreme Court Maintenance Funds: The ECC approved the transfer of Rs151.787 million from the Ministry of Housing and Works to support Supreme Court building repairs.
Security and SCO Summit Preparations: The Ministry of Interior’s request for funds related to Safe City projects, law enforcement, and SCO Summit preparations was reviewed, with a reallocation directive from its budget. An additional Rs2.7 billion request for Islamabad’s beautification will undergo third-party verification before further review.
Additionally, the ECC directed the NPMC to monitor price trends in essential food items like pulses and chicken to ensure inflation reductions benefit the public. The meeting was attended by key ministers and senior officials across several ministries.
Story by Tahir Amin
