In a bid to alleviate the financial strain on the public during the upcoming holy month of Ramadan, the Cabinet’s Economic Coordination Committee (ECC) has given the green light to a substantial relief package amounting to 7.4 billion rupees.
Chaired by Dr. Shamsad Akhtar, the Federal Minister for Finance, Revenue, and Economic Affairs, the ECC convened to address the economic needs of the citizens during Ramadan. The approved Ramadan Relief Package for 2024 is tailored to provide targeted relief to deserving individuals under the Benazir Income Support Program (BISP), with a dedicated subsidy of 7.4 billion rupees.
This relief initiative is in line with the government’s commitment to ensuring financial support for the less privileged during religiously significant periods. The allocated funds for the package have been incorporated into the budget for the fiscal year 2023-24.
Additionally, the ECC deliberated on tariff rationalization proposals from various sectors, aligning them with the broader trade policy for a comprehensive and balanced approach. The committee’s approval reflects a concerted effort to streamline economic policies and promote equitable growth.
In the context of facilitating exports, the ECC sanctioned the “Export Facilitation Scheme 2021,” allowing the import of wheat and wheat flour. This move aims to boost valuable foreign exchange earnings and contribute to the economic stability of the country.
The ECC also gave the nod to the commissioning of 1263 Megawatts CCPP Punjab Thermal Power (Private) Limited, Jhang (PPTL), highlighting the government’s commitment to enhancing power generation capacity for sustainable energy solutions.
Furthermore, a proposal for a 50:50 sharing of technical supplementary grants for subsidized urea, presented by the Ministry of Commerce, received approval from the ECC. The funds, totaling six billion rupees, are earmarked for clearing outstanding subsidies from the previous fiscal year.
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