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ECC approves mobile device manufacturing, electric vehicles policy

ISLAMABAD: The Economic Coordination Committee of the federal cabinet held a meeting presided by the Minister for Finance and Revenue Dr Abdul Hafeez Sheikh.

The committee approved Mobile Device Manufacturing and Electric Vehicles Policy for two and three-wheelers and heavy commercial vehicles.

The meeting also approved the removal of four percent withholding tax on manufacturing to retailers of locally manufactured phones and removal of sales tax on locally manufactured phones. The finance minister appreciated the detailed plan for rationalisation of subsidies and directed to present a comprehensive summary.

Ministry of National Food Security presented a summary for the provision of additional quantities of wheat to the Government of Azad Jammu and Kashmir and Utility Stores Corporation.

The finance minister directed to provide the first load of the additional quantities to both AJK and USC on priority as an interim arrangement to ensure smooth supply of wheat across the country. The ECC also accorded approval for the issuance of offshore Pakistani Rupee linked bonds to the International Finance Corporation.

ECC approved the following technical supplementary grants, Rs219.300 million for the operationalization of the newly established Isolation Hospital and Infections Treatment Centre in Islamabad.

It approved Rs305.462 million to pay for Pakistan’s annual contribution to World Health Organization (WHO), Rs106.775 million to the ICT Administration for various projects, Rs706.82 million for FATA’s temporary displaced persons’ Emergency Recovery Project, NADRA, Rs278 million for Annual Contribution of Pakistan to UNFA and Rs.53.10 million for procurement of medical equipment, machinery and medicines to combat COVID-19.

Minister for Maritime Affairs briefed about the latest position of wheat vessels and operations of Karachi Port Trust (KPT) and Port Qasim Authority (PQA).

It was decided that the Logistic Committee of the ECC would be chaired by the Minister for Maritime Affairs to workout SOPs ensuring all stakeholders including private sector are onboard with reference to priority berthing.

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