ECC approves Rs134.78bln for 2nd instalment to IPPS

ISLAMABAD: The Economic Coordination Committee (ECC) has granted exemption from Public Procurement Regulatory Authority (PPRA) rules for importing urea, and approved supplementary grants of Rs134.783 billion for second instalment (60 percent) to IPPs as per payment mechanism.

The ECC of the Cabinet also approved Rs4.785 billion in favour of the Election Commission of Pakistan (ECP) for conducting local government (LG) Elections in all provinces and for periodical revision of electoral rolls.

The Technical Advisory Committee (TAC) of the ECC met under the chairmanship of Shaukat Tarin, adviser to the prime minister on finance and revenue, which cleared all agenda items of the ECC.

During the technical committee meeting it was also said that the ECC would be held on Wednesday (tomorrow), but later, the Economic Affairs Division (EAD) issued a formal press release and announced the decisions taken by the ECC.

The ECC meeting was held on Monday evening, with Federal Minister for Economic Affairs Omar Ayub Khan in the chair. The ECC meeting of the Cabinet took several important decisions. Federal Minister for National Food Security and Research Syed Fakhar Imam, Federal Minister for Industries and Production Makhdoom Khusro Bakhtiar, federal secretaries and other senior officers participated in the meeting.

The ECC deliberated in detail the summary presented by the Ministry of Industries and Production on Small and Medium Enterprises (SMEs) policy 2021-25. The policy framework is based on reforming the policy and regulatory environment and addressing SME market constraints, both demand and supply side. On a summary tabled by Ministry of Industries and Production seeking relaxation of PPRA rules for import of urea, the ECC, after due deliberation recommended PPRA to give exemption to Trading Corporation of Pakistan (TCP) due to an emergency for publishing a second tender advertisement, enabling TCP to republish the tender till fetching of low prices during Rabi session 2021-22.

The ECC also considered and approved Technical Supplementary Grants (TSGs). The TSGs included Rs10 billion during FY2021-22 under the Sustainable Development Goals Achievement Program (SAP); Rs338 million during FY2021-22 in favour of National Rahmatul-Lil-Aalameen Authority (NRA), Ministry of Federal Education and Professional Training; Rs5.85 billion funds in favour of Housing and Works to execute development schemes in Sindh and Balochistan Provinces under (SAP); Rs1.08 billion funds from PSDP to Interior Division for further release to ICT Administration; and rupee cover budget against $200 million (equivalent to Rs35 billion) out of $500 million committed by ADB for procurement of Covid vaccine and ancillary goods and services.