ISLAMABAD: The Economic Coordination Committee (ECC) on Friday authorized the Finance Division to approve the Rs935.78 million in salaries for Pakistan Steel Mills (PSM) employees for the financial year 2024-25.

The Economic Coordination Committee (ECC) held in Islamabad, under the chairmanship of Federal Minister for Finance Senator Muhammad Aurangzeb, approved the Ministry of Industries and Production’s proposal regarding the disbursement of salaries to Pakistan Steel Mills (PSM) employees in the current fiscal year.

According to the press release issued by the Finance Division, the approved payment will be disbursed monthly according to the salary demand from the already approved budgetary allocation of Rs3.5 billion.

Furthermore, the committee discussed and approved the proposal from the Power Division regarding the revision in the annual rebasing determination timeline.

According to the press release, the ECC has authorised the Power Division to approach NEPRA for the implementation of policy guidelines. “The policy guidelines were approved for revising the annual tariff determination process timeline by amending the legal and regulatory framework.”

Moreover, the ECC directed that rebasing should be notified with effect from January 1, 2025, onward each year, following the completion of regulatory proceedings.

Additional fundings approved

In addition to that, the ECC also approved a Technical Supplementary Grant (TSG) of Rs910 million for the establishment of the National Food Safety, Animal, and Plant Health Regulatory Authority (NFSAPHRA).

The economic coordination committee approved the Ministry of Foreign Affairs request for a Technical Supplementary Grant (TSG) of Rs90.275 million, which would be disbursed to PAF and PIA during the current fiscal year.

“The ECC also approved the proposal of the Ministry of Interior for the provision of funds for operational requirements of the Frontier Corps (FC) North during the current financial year 2024-25. A Technical Supplementary Grant of Rs. 941.400 million was sanctioned to meet the operational needs of the Frontier Corps,” the statement read.

The proposal from the Ministry of Maritime Affairs regarding the withdrawal of bank guarantees for Afghan Transit Trade facilitation through Gwadar Port was also considered. The ECC approved replacing the bank guarantees, imposed on October 7, 2023, for the import of Di-Ammonium Phosphate (DAP) under APTTA, with insurance guarantees.

Lastly, the ECC considered the proposal of the Ministry of Overseas Pakistanis and Human Resource Development for budget proposals for FY 2024-25 and revised estimates for FY 2023-24 regarding Employees’ Old-Age Benefits Institution (EOBI).

The meeting was attended by Ahsan Iqbal Chaudhry, Minister for Planning, Development and Special Initiatives; Rana Tanveer Hussain, Minister for Industries and Production; Ahad Khan Cheema, Minister for Economic Affairs; Jam Kamal Khan, Minister for Commerce; Sardar Awais Ahmed Khan Leghari, Minister for Power; Chairman FBR; ED SECP; Federal Secretaries; and senior officers from relevant ministries and divisions.

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