ECC to discuss transition from LIBOR to SOFR

January 31, 2024 (MLN): The Economic Coordination Committee (ECC) of the Cabinet, in its meeting which is scheduled to be held on February 01, 2024, at 1,500 hours, will discuss the transition from London Inter-Bank Offer Rate (LIBOR) to Secured Overnight Financing Rate (SOFR).

The comprehensive sustainable plan of price rationalization for subsidized wheat in Gilgit Baltistan will also be reviewed. 

The agenda further includes the allocation of a Technical Supplementary Grant (TSG) of Rs30 million to the Ministry of Aviation for a project Titled "Modernization of Hydromet Services of PMID in Pakistan (MHST)".

It will likely consider the request for TSG of Rs38.856m for the Institutional Reforms Cell (IRO). 

Importation of Sahiwal Bull for Pakistan as Semen Donors for the National Artificial Insemination (Al) Program will also be discussed. 

The meeting will likely approve the TSG for Rehabilitation of Flood Damaged Ruml Roads in Khyber Pakhtunkhwa through the Counter Value Fund Deposited under Japanese Grant Aid. 

Provision of Clean Drinking Water in Model Arcas UC 99, 100 and 101 Lahore through Counter Value Fund Deposited under Japanese Grant Aid is also included in the agenda.

The house will also cosider the Budgetary Allocation/ Rupee Cover for the Utilization of Foreign Aid for the FY 2025-24. 

The committee will also consider providing additional funds amounting to Rs1,591.624mn through TSG to procure servers and hire consultants for the Financial Year 2023-24. 

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