ECC approves transition from LIBOR to SOFR

February 02, 2024 (MLN): The Economic Coordination Committee (ECC) of the Cabinet on Thursday considered and approved the transition from London Inter-Bank offer rate (Libor) to Secured Over Night Financing Rate (SOFR), said a press release issued by the Finance Division. 

The agenda was tabled by the Ministry of Power during the meeting.

ECC was briefed about the summary of Aviation Division regarding Allocation of Technical Supplementary Grant (TSG) of Rs500 million to Ministry of Aviation for sub project titled ‘Modernization Of Hydromet Services of PMD in Pakistan (MHSP)’, after due deliberations ECC approved the summary.

Summary for TSG of Rs38.856m for Institutional Reforms Cell (IRC) from Cabinet Division and summary for Importation of Sahiwal Bull from Pakistan as semen donors for National Artificial Insemination (AI) Programme from Ministry of Commerce was also approved by the ECC after discussion.

The Summaries of the Ministry of Finance for approval of TSG for Rehabilitation of flood-damaged rural roads in Khyber Pakhtunkhwa through counter value fund deposited under Japanese Grant aid, and Provision of clean drinking water in Model Areas UC 99, 100 & 101 Lahore through counter value fund deposited under Japanese Grant Aid were deliberated upon and got approved.

The provision of additional funds amounting to Rs1.591bn through TSG for procurement of servers and hiring consultants for FY 2023-24 was also approved.

 ECC further approved a Technical Supplementary Grant amounting to Rs7.15bn during FY 2023-24 for the program title “Actions To Strengthen Performance For Inclusive And Responsive Education”(ASPIRE) for Federal Education and Professional training.

Additionally, the Summaries from the Ministry of Housing and Works/ Pak. PWD for the Provision of TSG of  Rs25m,  Provision of TSG of Rs319.5m and allocation of TSG amounting to Rs51.96m for different projects were also approved.

The National Food Security & Research tabled a summary regarding the demand and supply of wheat in the country was discussed at length after which  the committee approved.

The forum appreciated the steps taken by the ministry for taking the right path in stabilizing the demand and supply situation of wheat in the country.

The Summary regarding the Comprehensive Sustainable Plan for Price Rationalization of Subsidized Wheat in Gilgit-Baktistan from the Ministry of Kashmir Affairs and Gilgit- Baltistan, was debated in the presence of Chief Minister Gilgit-Baltistan.

The forum gave approval with the direction to Ministry of Finance and Ministry of Kashmir Affairs and Gilgit-Baltistan to work out modalities.

ECC also approved the summaries from the Ministry of Planning Development and Special  Initiatives for Technical Supplementary Grant for budgetary allocation/Rupee cover for utilization of Foreign Aid for the FY 2023-24 and Summary for provision of TSG of Rs4bn for 7th Population & Housing Census.

The Federal Minister for Finance, Revenue, and Economic Affairs, Dr Shamshad Akhtar presided over the said meeting along with other government officials.

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