ECC approves supplementary grants, electric vehicle policy

ISLAMABAD : Adviser to Prime Minister on Finance and Revenue Abdul Hafeez Shaikh on Wednesday chaired a meeting of Economic Coordination Committee (ECC). The meeting mulled over a 12-point agenda and approved the electric vehicle policy. The policy deals with the two-wheeler and three-wheeler vehicles and is aimed at lowering tariffs and taxes. A policy for four-wheeler vehicles would be approved in the next meeting. It also approved supplementary grants for various federal departments, which would be tabled alongside the budget 2020-21 for approval in the Parliament. It included a supplementary grant of Rs 7.24 billion for health ministry while Rs funds of upto Rs 3.82 billion were approved to overcome shortfall in foreign ministry. It is pertinent to mention here that during the last ECC meeting on June 03, it approved 12 supplementary grants to different government departments. The supplementary grants were approved in the ECC session chaired by the finance adviser Abdul Hafeez Shaikh. The committee reviewed the recommendation to import 15 million barrel oil on different prices for the next one to two years. A committee was formed under the supervision of petroleum adviser Nadeem Babar to finalise summary for the estimation of oil prices. The summary stated to make payments of oil imports into 12 installments. It also stated that the imported oil rates would be different stock prices as compared to Brent oil. The committee also decided to the final rationalisation of the labour-power of the Pakistan Steel Mills (PSM). The finance adviser directed to finalise preparations for the payment of dues, golden shake hand to the PSM employees. Moreover, the committee decided to issue Rs23 billion to independent power producers (IPPs) under the summary approved for the payment of Rs43.7 billion. The remaining amount will be paid after reviewing the claims of the power producers.