The Economic Coordination Committee (ECC), chaired by Finance Minister Muhammad Aurangzeb, endorsed the summary for annual rebasing of electricity tariffs and issued policy guidelines to the National Electric Power Regulatory Authority (Nepra) for its implementation.
The tariff rebasing is scheduled to take effect from January 1, 2025, instead of July 1, 2024, with the Power Division directed to forward the policy to Nepra for action. This decision aligns with the government’s commitments under the International Monetary Fund (IMF) program.
The ECC approved a technical supplementary grant of Rs910 million for establishing the National Food Safety and Plant Health Regulatory Authority. Additionally, Rs930 million was allocated for the payment of salaries to employees of Pakistan Steel Mills, sourced from the previously sanctioned Rs3.5 billion package.
A technical grant of over Rs90 million was also approved for the Ministry of Foreign Affairs for enhancing the operational capacity of the Pakistan Air Force (PAF) and Pakistan International Airlines (PIA). The committee further sanctioned Rs940 million to meet the operational requirements of Frontier Corps (FC) North.
Measures for Afghan transit trade
The ECC also approved the withdrawal of bank guarantees received under the Afghan transit trade via Gwadar Port. Insurance guarantees have been introduced to facilitate the trade process further, promoting smoother operations and reducing procedural bottlenecks.
EOBI budget and audit inquiry
The annual budget for the Employees' Old-Age Benefits Institution (EOBI) was also approved. The committee, however, expressed concern over delays in EOBI’s audit and directed an inquiry into the matter, demanding a detailed report within a week.
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