The Economic Coordination Committee (ECC) of the Cabinet met on Monday to approve a circular debt management plan for the fiscal year 2024-25, aimed at reducing liabilities in the power sector and promoting financial sustainability.
The meeting, chaired by Federal Minister for Finance and Revenue Senator Muhammad Aurangzeb, addressed several key issues. The Ministry of Energy presented the Circular Debt Management Plan, which the committee accepted.
Additionally, the Ministry of Energy (Petroleum Division) sought approval for a Sale Purchase Agreement (SPA) for petroleum product supplies between Pakistan State Oil (PSO) and SOCAR Azerbaijan, which was also approved.
The Ministry of Information and Broadcasting (MoIB) requested a technical supplementary grant of Rs95.822 million to settle outstanding dues for the 23rd Shanghai Cooperation Organisation (SCO) Council of Heads of Government meeting. The ECC directed the ministry to reallocate funds from its fiscal year 2024-25 budget and should additional funds be needed by the end of the fiscal year, the Finance Division will provide a supplementary grant.
MoIB also presented another request for an additional TSG of Rs536.1 million for digital initiatives, which was similarly directed to be sourced from the current budget, with potential supplementary funding to be allocated later.
The Ministry of Industries and Production discussed the Peshawar High Court’s ruling on sugar exports from Khyber-Pakhtunkhwa, noting that local production is below annual consumption levels. The ECC reaffirmed its previous decision, acknowledging the province’s input.
The Ministry of Law and Justice requested the transfer of Rs151.787 million from the Ministry of Housing and Works to the Supreme Court for building repairs, which was approved.
Furthermore, the Ministry of Interior sought a TSG of Rs650.35 million for expenses related to the upcoming SCO Summit, repairs of damaged Safe City cameras, and maintaining law and order in Islamabad. The ECC instructed the ministry to reallocate funds from its budget.
The Ministry of Interior also proposed a budget of Rs2.70 billion for beautification efforts in Islamabad for the SCO Summit. The ECC decided that a third-party verification of costs is necessary before further consideration.
Lastly, the committee addressed rising prices of pulses and chicken, expressing concern and directing the National Price Monitoring Committee (NPMC) to work with the Ministry of National Food Security and provincial authorities to alleviate the burden on citizens. The ECC will continue to monitor essential food prices to ensure the benefits of declining inflation reach the public.
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The meeting included notable attendees such as Musadik Masood Malik, Minister for Petroleum; Sardar Awais Ahmad Khan Leghari, Minister for Power; and senior officials from various ministries and departments.
