ISLAMABAD: The Economic Coordination Committee (ECC) of the Cabinet on Wednesday approved the stipulated eligibility criteria and payment mechanism for cost subsidy against 100,000 housing units constructed under the Naya Pakistan Housing and Development Authority (NAPHDA).
The ECC meeting was held under the chair of Federal Finance and Revenue Minister Dr Abdul Hafeez Shaikh.
According to details, the NAPHDA chairman submitted to the ECC revised proposals pertaining to eligibility criteria and modalities for payment of cost subsidy; and payment of subsidy on beheld of the allottees and other entities like Workers Welfare Fund, which was announced by Prime Minister (PM) Imran Khan in July 2020.
The committee approved the stipulated eligibility criteria and payment mechanism for cost subsidy against 100,000 housing units to be constructed during the phase-I by the end of the year. It asked the NAPHDA to facilitate access to housing finance at affordable rates to expand housing ownership in accordance with the prime minister’s vision.
Meanwhile, the committee approved a summary seeking permission to enter into negotiated procurement agreements for the construction of low-cost housing through public-private partnerships (PPPs). Besides, it also approved a summary about revision in key parameters of markup subsidy scheme for housing finance, as recommended by the State Bank of Pakistan (SBP), to ensure maximum participation by fulfilling a relatively relaxed eligibility criteria.
Furthermore, the Ministry of Industries and Production presented a summary on ‘Late Payment Surcharge (LPS) for operations of SNGPL-based fertiliser plants between September 2018 to November 2019′. After seeking input from relevant stakeholders, the ECC deferred the summary, with a direction to calculate LPS on the actual cost incurred and submit a revised proposal for consideration.
The ministry then tabled a summary regarding the decision of the authority on Fuel Charge Adjustment (FCA), over which the committee directed the secretaries of finance and power divisions to deliberate further and present an updated proposal in the next meeting.
Moreover, the Power Division submitted a proposal regarding the payment of outstanding dues and settlement of tariff issues with the Azad Jammu and Kashmir (AJK) government. To tackle the issue, a sub-committee was constituted under the chairmanship of Adviser to PM for Institutional Reforms Dr Ishrat Hussain.
A Power Division summary regarding GOP sovereign guarantee against financing facility of Rs15,250 million from local banks for the evacuation of power from 2×660MW Thar Coal Based Project was approved by the ECC.
Regarding wheat import, the Ministry of National Food Security and Research updated the committee about the import of 300,000MT of wheat through Trading Corporation of Pakistan (TCP), which the committee approved.
The chair also okayed technical supplementary grants (TSGs) worth billions for the railway ministry, Public Procurement Regulatory Authority (PPRA) and other departments.
