ECC expected to give go-ahead to Karachi transformation plan: sources

ISLAMABAD: Adviser to Prime Minister on Finance Abdul Hafeez Shaikh will chair the meeting of the Economic Coordination Committee (ECC) on Wednesday (tomorrow) to discuss a 10-point agenda, ARY News reported.

In the forthcoming meeting, ECC is likely to approve Karachi transformation plan announced by Prime Minister Imran Khan in September, sources told ARY News.

The premier had announced ‘historic’ Rs1100 billion financial package for the execution of a transformation plan meant to address the city’s issues and developmental requirements.

The committee will deliberate upon the recommendations for ending regulatory duty on cotton import which aims to bring raw cotton. It will also mull over the provision of Regasified Liquefied Natural Gas (RLNG) to export sector on discounted rates.

Read: PM Imran rolls out Rs1.1 trillion package for rain-hit Karachi

The agenda also includes decisions regarding waiving off national highway loans; supply of imported sugar to state-owned utility stores; provision of gas supply to Pakistan Steel Mills.

A summary will be presented to the committee for repair work of the Islamabad High Court

(IHC) building and gas supply to Sui Southern Gas Company (SSGC) from Benari field besides approving the gas supply in accordance with its target. It is also expected that ECC will approve gas supplies from a third-party company or exploration firm.

In the previous meeting, the Economic Coordination Committee (ECC) had approved a technical supplementary grant for the advance purchases of COVID-19 vaccines.

Read: ECC approves supplementary grant to purchase COVID-19 vaccines

The ECC members had deliberated upon the six-month extension of payment of interest on loans acquired from G20 countries and the matter related to gas supply to Engro Fertilizers. The committee’s members approved gas supplies to Engro Fertilizers.

Moreover, the committee had granted permission to Punjab province for importing 340,000 tonnes wheat through the Trading Corporation of Pakistan (TCP).

Sources told ARY News that the committee had allocated funds for the payment of salaries of Pakistan Steel Mills (PSM) workers; a technical supplementary grant worth Rs500 million for education ministry; approval of Rs683.3 million budget for National Information Technology Board (NITB).