ECC likely to approve Rs739bn Karachi Transformation Plan

ISLAMABAD: The Economic Coordination Committee (ECC), in its upcoming meeting, is likely to approve the Rs739-billion Karachi Transformation Plan.

As per details, Finance Minister Dr Abdul Hafeez Shaikh has summoned the ECC meeting on Wednesday (tomorrow) to discuss 13 agenda items, including the Karachi Transformation Plan.

Sources said that the planning ministry had proposed the ECC to approve five Karachi infrastructure-related projects pertaining to water, railway and green bus services worth Rs739 billion in the next three years under the Public Sector Development Programme (PSDP), public-private partnership, Supreme Court fund and financing from foreign institutes.

Other agenda items of the ECC included a technical supplementary grant (TSG) for a project of ICT administration, Islamabad; TSG for annual contribution of the government to the United Nations Population Fund (UNFPA), Partners in Population and Development (PPD) and Family Planning Association of Pakistan for the fiscal year 2018-19, 2019-20 and 2020-21; TSG to pay Pakistan's outstanding contribution to the World Health Organisation; revision in relending policy 2016 for foreign loans/credits; implementation of approved recommendations of Mobile Device Manufacturing Policy and Electric Vehicles (2-3 wheelers and HCVs) as well as approval of new proposals related to automotive industry (four wheelers EVs and premium on vehicles); besides a new agenda item on Pakistani rupee-linked bonds programme.