Hafeez Shaikh to chair ECC meeting today

ISLAMABAD: Prime Minister’s Advisor on Finance Dr Abdul Hafeez Shaikh will chair Cabinet’s Economic Coordination Committee (ECC) meeting on Monday (today).

According to the reports, The ECC meeting is supposed to decide on a six-point agenda in its meeting. There will also be a discussion during the meeting about the plan to convert Lahore Garment City’s debt into loan while eliminating a 5 percent tax on cotton boll.

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The meeting will also examine the 96.6 million Rs supplementary grants to the Ministry of Education, the council may also recommend additional 15 billion Rs grants to the Ministry of Information Technology and 450 million Rs to the Ministry of the Interior.

Earlier on January 7, In line with its commitment to the International Monetary Fund (IMF), the Cabinet’s Economic Coordination Committee (ECC) on Monday has approved changes to the power act that would eventually load power customers in the form of ‘ new surcharges and adjustments.

The ECC, which met with Finance Adviser Abdul Hafeez Shaikh in the chair on Monday, approved amendments to the 1997 Electric Power Generation, Transmission and Distribution Act to address problems related to the skyrocketing circular debt.

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The changes to the existing legislation were adopted in accordance with the commitment made by Dr. Abdul Hafeez Shaikh and State Bank of Pakistan Governor Dr. Reza Baqir during the recent first review of the IMF assessment program.