ECC approves loan scheme for low income earners

ISLAMABAD: The Economic Coordination Committee of the cabinet (ECC) Tuesday approved base tariff for electric tube wells at Rs. 13/kWH from Rs. 16.60/kWH, providing relief to farmers of Rs. 3.60/kWH effective from 1st November, 2022 to compensate the damage caused by the floods and heavy rains.

Federal Minister for Finance and Revenue Senator Mohammad Ishaq Dar presided over the meeting of the Economic Coordination Committee (ECC).

Federal Minister for National Food Security and Research Tariq Bashir Cheema, Federal Minister for Power Khurram Dastgir Khan, Federal Minister for Industries and Production Syed Murtaza Mahmud, Federal Minister for Information and Broadcasting Marriyum Aurangzeb, Federal Minister for Planning, Development & Special Initiatives Ahsan Iqbal, Shahid Khaqan Abbasi MNA/Ex-PM, SAPM on Finance Tariq Bajwa, SAPM on Revenue Tariq Mehmood Pasha, Coordinator to PM on Commerce & Industry Rana Ihsan Afzal, Federal Secretaries, Chairman FBR and other senior officers attended the meeting.

Finance Division submitted a summary on launch of Credit Guarantee Scheme under Credit Guarantee Trust Fund through Second Supplemental Trust Deed.

It was presented that Pakistan Mortgage Refinance Company Limited (PMRC) has been setup as a joint initiative of the Govt of Pakistan and Commercial Banks/Development Finance Institutions (DFIs) to provide medium and long term funding to primary mortgage lenders by raising from the capital debt market at cheaper rates.

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PMRC being the trustee launched a scheme titled, Credit Guarantee Trust Scheme under the First Supplemental Trust Deed. To expand the provision of risk cover to FIs against financing in housing sector, the World Bank approved an additional credit line to Government of Pakistan for housing finance project which may be passed on to Credit Guarantee Trust Fund.

In view of above, the ECC allowed to launch a new scheme titled, Credit Guarantee Trust Scheme for low income housing through Second Supplemental Trust Deed with an amount of US$85 million to be obtained from the World Bank (WB) to provide risk cover to financing institutions against their financing in housing sector.

Ministry of National Food Security & Research submitted a summary on fixation and notification of Minimum Indicative Prices of Tobacco Crop 2023. After detailed deliberation, the ECC approved minimum indicative prices for various types of tobacco for different areas for 2023 tobacco crop.