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Federal cabinet approves Inter Government Commercial Transaction Act

Federal cabinet approves Inter Government Commercial Transaction Act-2022

ISLAMABAD: The federal cabinet on Wednesday approved the Inter-Government Commercial Transaction Act-2022 – sent by the Ministry of Law and Justice – recommended for presenting it before the relevant Parliamentary Committee.

The meeting of the federal cabinet chaired by Prime Minister Muhammad Shehbaz Sharif was told that the proposed law will help boost the confidence of foreign investors and increase foreign investment in the country.

The law will also be helpful in the Government-to-Government (G2G) development agreements.

The cabinet was told that it was for the first time that a government in Pakistan had taken a step for the protection of G2G agreements and took measures to ensure transparency in that respect.

Moreover, the federal cabinet reviewed the losses caused by torrential rains in Sindh and Balochistan provinces.

The Prime Minister appreciated the efforts of Chief Minister Sindh and personally visited the affected areas to review the relief activities during the rains in Sindh, particularly in Karachi and Hyderabad.

The cabinet approved the posting of Muhammad Tahir Rai, an officer of the Police Service of Pakistan and former Director General (DG) Federal Investigating Agency (FIA), as National Coordinator on Counterterrorism.

The cabinet also approved the posting of Mohsin Butt, a grade 22 officer of the Police Service of Pakistan, as DG FIA.

The meeting, on the recommendation of the Ministry of National Health Services and Regulations, approved enhancing the Maximum Retail Prices (MRPs) of the 15 types of imported Cardiac Stents in proportion to the exchange rate.

The federal cabinet endorsed decisions of the Economic Coordination Committee of the Cabinet (ECC) taken in its meeting held on July 25, 2022.

Following is the detail of ECC decisions endorsed by the cabinet.

Approval of the supplementary grant for the Ministry of Information and Broadcasting for the fiscal year 2022-23 for holding the 75th Independence Day ceremonies. The cabinet appreciated the efforts and role of the Ministry regarding Independence Day celebrations in a befitting manner and highlighted the government’s policies in the best way.

Approval of the Compensation Package, on the recommendation of the Ministry of Interior, for the victims of the terrorist attack at Confucius Institute, University of Karachi.

 

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