ISLAMABAD: The Economic Coordination Committee (ECC) of the Cabinet, chaired by Federal Minister for Finance Senator Muhammad Aurangzeb, has approved Pakistan’s membership in the New Development Bank (NDB) established by BRICS countries.
The committee has endorsed the purchase of 5,882 capital shares in the NDB, totaling $582 million, with $116 million designated as paid-in capital. This move aligns Pakistan with the BRICS nations, enhancing economic cooperation and access to funding for development projects.
In addition, the ECC approved a proposal from the Ministry of Commerce to include new Pakistan Standards and Quality Control Authority (PSQCA) mandatory items in the Import Policy Order (IPO) 2022. This will integrate certain PVC and polymer-based products into Pakistan’s regulatory framework to ensure compliance with national standards.
The committee also discussed the transfer of shares of Distribution Companies (DISCOs) into the name of the President of Pakistan, as suggested by the Ministry of Energy (Power Division). Approval was granted, with the condition that the transfer would not incur any financial implications.
Another key decision was the approval for Pakistan State Oil (PSO) to establish an International Joint Trading Company in Singapore with the State Oil Company of Azerbaijan Republic (SOCAR). The Ministry of Petroleum has been directed to ensure thorough due diligence on the company’s investments and the timeline for its operations.
The ECC also approved several Technical Supplementary Grants (TSGs) to support essential government projects.
These include:
- Rs. 19.15 billion to transfer to various ministries to complete 133 development schemes previously managed by the Pakistan Public Works Department.
- Rs. 5.36 billion for the Ministry of Housing and Works to implement the SDGs Achievement Programme, benefiting regions like Sindh and Khyber Pakhtunkhwa.
- Rs. 1.914 billion (USD 6.836 million) to support NADRA’s transition of 43 Citizen Facilitation Centers in Khyber Pakhtunkhwa as part of the FATA TDP-ERP project.
- Rs. 500 million for the Ministry of National Health Services to procure life-saving medicines and vaccines, with an emphasis on establishing a sustainable solution for pension payments.
- Rs. 84 million for the President’s Secretariat to replace outdated official vehicles, enhancing the efficiency of the office’s operations.
Lastly, the ECC approved funding for the Digital Economy Enhancement Project (DEEP) under the Board of Investment, aimed at simplifying business regulations through the creation of the Pakistan Business Portal (PBP).
The meeting was attended by key government officials, including Minister for Commerce Jam Kamal Khan, Minister for Power Sardar Awais Ahmad Khan Leghari, Minister of State for Finance and Revenue Ali Parvez Malik, along senior officers from various ministries.
