Hafeez Shaikh to chair ECC meeting today

ISLAMABAD: Adviser to the Prime Minister on Finance Dr. Abdul Hafeez Shaikh will chair the Economic Coordination Committee (ECC) meeting today.

During the meeting, an eleven-point agenda will be discussed. The meeting will approve the rules and regulations for payments to the Inpatient Prospective Payment System (IPP)s.

Approval of the supplementary grant on the recommendation of the Ministry of Home Affairs is on the agenda. The summary of price hedging on the import of petroleum products will be included in the agenda. In addition, the issue of gas supply in the local gas producing areas will also be considered.

The Cabinet Division’s summary of various tax exemptions is on the agenda. However, the meeting will give approval to a supplementary grant for the Federal Board of Revenue (FBR).

Last month, he announced that the government had raised Rs 200 billion through Sukuk at less than KIBOR rate for the first time.

According to Hafeez Shaikh, the move saved Rs 18 billion over 10 years on debt servicing. He said that the transactions were oversubscribed by 70 percent.

The adviser lauded the excellent team effort of the Ministry of Finance Debt Office, Securities and Exchange Commission of Pakistan, State Bank of Pakistan, and Pakistan Stock Exchange.