Federal Minister for Finance and Revenue, Senator Muhammad Aurangzeb, chaired a meeting of the Economic Coordination Committee (ECC) of the Cabinet today.
ECC considered and approved the Ministry of National Food Security and Research’s proposal to allocate additional funds as a Technical Supplementary Grant (TSG) of Rs. 910 million for the establishment of the National Food Safety, Animal, and Plant Health Regulatory Authority (NFSAPHRA).
The ECC also deliberated upon the proposal of the Ministry of Industries and Production regarding the disbursement of salaries to Pakistan Steel Mills (PSM) employees for the financial year 2024-25 (projected).
The Committee authorized the Finance Division to approve the payment of the projected net salary of Rs. 935.78 million for FY 2024-25, to be disbursed monthly according to PSM’s salary demand. These funds will be provided from the already approved budgetary allocation of Rs. 3.5 billion.
The ECC further discussed and approved the proposal from the Power Division regarding the revision in the annual rebasing determination timeline.
NEPRA will receive policy guidelines to revise the annual tariff determination timeline by updating the legal framework.
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 ECC expressed strong displeasure over the delayed submission of the proposals by EOBI and MOPHRD.
The ECC also registered its concerns over the delay in EOBI audits, with the last audit conducted in 2019.
Finance Minister Senator Muhammad Aurangzeb emphasized the importance of efficient and transparent implementation of all decisions to achieve desired outcomes.
