The Economic Coordination Committee (ECC) of the Cabinet convened on Tuesday under the leadership of Finance Minister Senator Muhammad Aurangzeb to review major economic and development policies. During the session, the ECC approved the term sheet collaboratively prepared by stakeholders, including NEECA, SBP, and commercial banks, based on the Draft Tripartite Agreement for the Prime Minister’s Fan Replacement Program. To launch the initiative, a total support grant (TSG) of Rs. 2 billion was sanctioned in favor of NEECA.
Subsidy for RAAST QR Code Payments
In a bid to enhance digital payments, the Finance Division proposed a subsidy for RAAST QR Code-based person-to-merchant transactions. The ECC approved an allocation of Rs. 3.5 billion through TSG for the current fiscal year, with plans to extend the program for three more years. This move aims to accelerate digital adoption across Pakistan and strengthen the digital economy. The State Bank of Pakistan will notify the scheme promptly and provide a detailed report on its operational effectiveness by the fiscal year-end.
New Energy Vehicle Policy 2025-30
The committee also reviewed and approved a policy summary submitted by the Industries & Production Division regarding the New Energy Vehicle Policy 2025-30. The policy was praised for its comprehensive and forward-looking approach, aligned with global best practices, and is expected to support Pakistan’s transition towards electric vehicles, contributing to a sustainable and modern transport ecosystem.
Risk Coverage Scheme for Small Farmers
The ECC was briefed on the risk coverage program for small and underserved farmers, designed to provide financial protection to subsistence farmers in Punjab and Sindh, as well as all farmers in Khyber Pakhtunkhwa, Balochistan, Azad Jammu & Kashmir, and Gilgit-Baltistan. This initiative is projected to add over 750,000 new borrowers to the formal agricultural credit system within three years, promoting financial inclusion and rural development.
Gas Sector Review
Finally, the ECC examined the gas sector and national supply situation, directing the Ministry of Petroleum to implement measures to reduce sector losses and enhance operational efficiency.
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The session was attended by Federal Minister for Petroleum Ali Pervaiz Malik, Special Assistant to the Prime Minister for Industries & Production Haroon Akhtar Khan, federal secretaries, and senior officials from relevant ministries and government bodies.
