ISLAMABAD: The Economic Coordination Committee (ECC) of the Cabinet on Thursday approved the import of 50,000 MT of sugar to maintain sufficient stock in the country.
The ECC approved to import sugar in 03 segregated tenders of 50,000 MT each so that there is more participation and increased competition when international prices fall, said a press release issued by the Ministry of Finance here.
Finance minister Shaukat Tarin presided over the meeting of the Economic Coordination Committee (ECC) of the Cabinet.
Secretary, M/o Industries and Production, Jawwad Rafique Malik briefed the Committee about the availability of sufficient stocks of sugar.
He further apprised about the steps being taken to import sugar for building strategic reserves.
The Committee further emphasized ensuring a smooth supply of sugar throughout the country and directed to initiate crushing by sugar mills at the beginning of November 2021 as done last year.
The Finance Division presented an updated summary regarding Kamyab Pakistan Program (KPP) before ECC.
The program has been streamlined in consultation with stakeholders to disburse micro-credit for uplifting marginalized segments of society.
KPP has five components namely Kamyab Karobar, Kamyab Kissan, Naya Pakistan low-cost Housing, Kamyab Hunarmand and Sehatmand Pakistan. Under the first 03 components, micro-loans shall be disbursed among eligible persons registered with Ehsaas through the National Socio-Economic Registry (NSER) who have a family income of up to Rs.50,000 per month.
The last two components of KPP will be integrated with the existing programs.
KPP is aimed to integrate with Government’s ongoing skill development program for imparting educational and vocational training.
As per the revised framework of KPP, the selection of Wholesale Lenders (Banks) will be through competitive bidding in line with PPRA rules.
The Microfinance Providers (MFPs) will be selected by the wholesale lenders.
The Government will provide two guarantees of a 10 per cent first loss guarantee to MFPs and a 50 per cent guarantee to Wholesale Lenders (WLs) on pari-passu/risk-sharing basis.
During the first phase, KPP will be launched in Balochistan, Khyber Pakhtunkhwa, Gilgit-Baltistan, AJK and a few of the poorest districts of Sindh and Punjab. KPP will be extended to the whole of Pakistan eventually.
On the implementation side, the Kamyab Pakistan Information System (KPIs), a digital portal, is being established which is fully integrated with telecommunication companies, NTC, Ehsaas/NSER and NADRA for verification of beneficiary’s eligibility.
After due deliberation, the ECC approved the Kamyab Pakistan Program for onward submission before the Cabinet.
The members of ECC commended the salient features of the Kamyab Pakistan Program and regarded it as a flagship initiative of the present government to empower the under-privileged population having limited resources.
The ECC considered and approved another summary by the Finance Division regarding the fixation of dividends at the rate of 10 per cent on the face value of SBP shares for the financial year ended on June 30, 2021.
Ministry of Industries and Production presented a summary regarding approval for disbursement of salaries to PSM employees for the FY/2021-22.
After due deliberation, the ECC accorded approval for payment of salaries to the employees on monthly basis till the implementation of the complete human resource retrenchment plan.
The ECC considered and approved a Technical Supplementary Grant (TSG) in favour of the Ministry of Interior for the construction of Frontier Constabulary Training Centre, Michni, Khyber Pakhtunkhwa amounting to RS.50 million during FY 2021-22.
The ECC accorded approval for the lowest bid received for the award of the fourth international wheat tender for the FY 2021-22 to import 120,000 MT of wheat as tabled by the Ministry of National Food Security and Research.
The Finance Minister, as a Chairman of ECC, stated that mutual consultation will pave the way for collective decision making under the umbrella of Cabinet Committees.
This facilitates the process of decision making in the public sector.
The ECC considered and approved another summary presented by the Ministry of National Food Security and Research for the purchase of 40,000 MT of Wheat from PASSCO by the World Food Programme (WFP).
M/o Energy presented a summary regarding financial support to GENCOS.
After detailed deliberations, the ECC approved Rs. 500 million as a Technical Supplementary Grant out of the total budget allocated to the Power Division.
Lastly, the ECC considered and approved another summary presented by the Power Division regarding a 40 per cent payment of the total amount payable to IPPs of 2002 policy.
Among others, Federal Minister for Planning Asad Umar, Federal Minister for Energy Hammad Azhar, Federal Minister of National Food Security and Research Syed Fakhar Imam, Federal Minister for Railways Azam Khan Swati, Minister of State for Information and Broadcasting Farrukh Habib, Federal Secretaries, Governor State Bank and other senior officers participated in the meeting.