ECC approves changes in SBP schemes to boost remittances

August 07, 2023 (MLN): The Economic Coordination Committee (ECC) of the Cabinet approved changes in six incentive schemes of the State Bank of Pakistan (SBP) aimed at enhancing remittance inflows through formal channels, said a press release issued today.

Additionally, the committee discussed and approved a report on damaged wheat of PASSCO due to 2022 rainfall and floods, presented by the Ministry of National Food Security & Research.

The meeting was chaired by Federal Minister for Finance and Revenue Senator Mohammad Ishaq Dar, met today. Federal ministers, state ministers, and senior officials were in attendance.

A summary by the Ministry of Energy (Power Division) concerning a contract with TAVNIR Iran for the purchase of 104 million watts of electricity was discussed.

The ECC approved amendments to the contract, including tariff extension, and additional supply tariff for certain periods.

Further discussions led to the approval of a uniform tariff for K-Electric (KE) consumers through tariff rationalization.

Adjustments in consumption charges for April, May, and June 2023 were approved to be recovered from consumers in July, August, and September 2023.

The ECC also greenlit amendments to the Transmission Line Policy 2015, including the incorporation of ancillary services projects.

Continuation of the Prime Minister’s Relief Package for essential items on subsidized rates through the Utility Stores Corporation (USC) for FY 2023-24 was approved, with a directive against price increases for Atta.

Technical Supplementary Grants were approved, including Rs3 billion for the Prime Minister’s Health Insurance Scheme for Media Workers, Journalists, and Artists, and provisions for the Film Finance Fund.

Additionally, Rs500 million was allocated for Defence Services' security-related requirements during FY 2023-24.

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