- The ECC approves the incorporation of Int’L Rewing Trading Company.
- Okin transfer of disco sharing on behalf of the president.
- Greenlights RS5.36bn TSG for the Ministry of Housing.
Islamabad: The firm’s economic coordination committee (ECC) approved Friday the purchase of capital shares worth $ 582 million in the new development bank (NDB).
“The ECC approved Pakistan members at the new development bank, established by the member countries of the BRICS. The Committee approved the purchase of 5,882 capital shares in the NDB, amounting to $ 582 million , with $ 116 million in paid capital, “the financial divisions said in a declaration.
Created in 2015 by BRICS countries, the NDB is a multilateral development bank aimed at mobilizing resources for infrastructure and sustainable development projects on emerging markets and developing countries (EMDC).
The BRICS, the major emerging group of emerging economies including Brazil, Russia, India, China and South Africa, aim to accelerate its efforts to reshuffle a world order which it considers exceeded.
Pakistan had asked for membership in BRICS last year in November. “Pakistan, as a developing country and ardent supporter of inclusive multilateralism, believes that it can make important contributions to this group,” said FO spokesperson.
During today’s meeting, the ECC also approved the incorporation of a joint international business company in Singapore, formed by Pakistan State Oil (PSO) and the State Oil Company of Azerbaijan Republic (Socar) .
He asked the Ministry of Petroleum to guarantee reasonable diligence concerning specific investment approvals, in particular action injections, as well as the calendar for the operationalization of the company.
In addition, he approved a proposal from the Ministry of Commerce concerning the inclusion of PCT / HS codes for the newly notified compulsory elements of Pakistan Standards and Quality Control Authority (PSQCA) in the order of import policy (IPO) , 2022.
The decision incorporates specific PVC and polymer products into the compulsory regulatory framework, guaranteeing compliance with Pakistani standards.
The ECC has also admitted the transfer of actions of discos on behalf of the president of Pakistan, as proposed by the Ministry of Energy (Division of Energy), subject to confirmation that it would have no involvement financial.
To ensure the financial support of key initiatives, the ECC has approved additional technical subsidies (TSG), including RS19.15 billion under the financial division for 133 PSDP regimes of the late Pakistan Public Works Department (PAK-PWD).
“Funds will now be transferred to respective ministries, divisions and provincial governments.”
The Committee also approved 5.36 billion TSG rupees for the Ministry of Housing and Works to carry out development schemes within the framework of the ODD (SAP) program, with 4.25 billion rupees allocated to Sindh and 1.11 billion rupees for Khyber Pakhtunkhwa.
It approved RS1.914 billion in favor of Nadra for the Fata TDP-ERP (KP-CCDSP) project, guaranteeing the transition of 43 citizens’ facilitation centers (CFC) to Khyber Pakhtunkhwa. The allowance was rendered by the Division of Economic Affairs and registered under the internal division, without additional financial burden for the government.
The ECC has also approved 500 million rupees for the Ministry of National Health Services, Regulations and Coordination (NHSR & C) for the supply of drugs and vital vaccines, with the directive to design a structural solution for payment future of the pension in question.
It approved 84 million rupees for the President’s Secretariat (Public) to replace obsolete official transport, allowing the purchase of two Hino Coaster mini-bus and three Toyota Hiace vans as part of a progressive replacement plan.