The federal cabinet’s Economic Coordination Committee accepted financial proposals from Ministries/Divisions on Thursday, including a zero-percentage-point loan scheme for e-bikes/e-rickshaws and a supply of sugar at Rs. 95 per kg in Punjab during the Holy Month of Ramazan.
Ishaq Dar, Federal Minister of Finance and Revenue, presided over today’s meeting of the Cabinet’s Economic Coordination Committee (ECC).
Federal Minister for Power Khurram Dastgir Khan, Federal Minister for Commerce Syed Naveed Qamar, Federal Minister for Industries and Production Syed Murtaza Mahmud, Federal Minister for National Food Security & Research Chaudhry Tariq Bashir Cheema, SAPM on Finance Tariq Bajwa, SAPM on Revenue Tariq Mehmood Pasha, Coordinator to the PM on Economy Bilal Azhar Kayani, Federal Secretaries, and other senior officers were present.
The Ministry of Industry and Production filed a description of financing options for electric bikes (E-bikes) and E-Ricksaws, as well as information on the viability, demand, and incentive scheme for potential users to make electric bikes cheap.
Following a discussion, the ECC authorized the Prime Minister’s Youth Business & Agriculture Loan Scheme (PMYB&ALS) model for E-Bikes/E-Rickshaws in order to build a speedy and sustained demand in the country. A clean loan of up to Rs. 0.5 million would be issued under Tier-I (T1) of PMYB&ALS at a zero percent markup rate for repayment in three years under the plan. In the current financial year, this facility will be accessible for up to 15,000 E-Bikes/Ricksaws. The scheme’s modalities will be worked up by the Ministry of Industries and Production in collaboration with PMYB&ALS.
The ECC evaluated and confirmed the Ministry of Commerce’s summary of Customs Station Angoor Adda’s declaration as an authorized export land bridge to Afghanistan and through Afghanistan to Central Asian Republics.
The ECC reviewed the Aviation Ministry’s summary and authorized an increase in the GoP guarantee linked to PIACL’s USD-denominated loans of Rs. 15,607,394,711/- by increasing the existing guarantee limit of Rs. 247.630 billion to Rs. 263.237 billion.
The Ministry of National Food Security and Research presented a summary of the price of sugar during Ramazan and updated the audience on the conclusion of the Sugar Advisory Board’s meeting with PSMA about the retail price of sugar. The ECC agreed with the meeting’s resolution to give 20,000 MT of sugar at a retail price of Rs. 95 per kg throughout the month of Ramazan (until Eid-ul-Fitar) for sale to the general population through the Government of Punjab at the district level. The ECC also instructed that similar arrangements be made with other provincial PSMAs for the provision of sugar in other provinces/areas.
The following Technical Supplementary Grants/Supplemental Grants were authorized by ECC:
- Rs. 261 million for the implementation of the development program – Building of railway underpass Jahanian, District Khanewal.
- The SAARC Development Fund has committed USD 0.5 million (Rs. 142.5 million) in favor of the Ministry of National Health Services, Regulations, and Coordination for the standard package for strengthening preventive and curative activities for mental health and the condition of Covid-19 research activities.
- Rs. 250 million in favor of the Ministry of Housing and Works for the restoration and maintenance of the Supreme Court of Pakistan building, Judges’ residences, rest houses, and sub-offices around Pakistan.
- Rs. 22 million in favor of the Ministry of Foreign Affairs for payment of electricity liabilities.
