The Economic Coordination Committee (ECC), directed by Finance Minister Muhammad Aurangzeb, has approved the annual rebasing of electricity tariffs and issued orders to the National Electric Power Regulatory Authority (Nepra) for implementation.
This adjustment will now take effect from January 1, 2025, instead of the previously planned date of July 1, 2024.
The Power Division has been instructed to forward the relevant policy to Nepra for action. This decision is part of the government’s obligations under the International Monetary Fund (IMF) program.
In addition, the ECC approved a technical supplementary grant of Rs910 million to establish the National Food Safety and Plant Health Regulatory Authority.
It also allocated Rs930 million from an already approved Rs3.5 billion package to pay outstanding salaries to employees of Pakistan Steel Mills.
A separate technical grant of over Rs90 million was authorized to support the operational capacities of the Pakistan Air Force (PAF) and Pakistan International Airlines (PIA), while another Rs940 million was approved to address the operational needs of Frontier Corps (FC) North.
Measures for Afghan Transit Trade
To facilitate Afghan transit trade, the ECC decided to replace bank guarantees with insurance guarantees for goods passing through Gwadar Port. This move is aimed at streamlining processes, reducing delays, and making trade operations smoother.
EOBI Budget and Audit Concerns
The committee also approved the annual budget for the Employees’ Old-Age Benefits Institution (EOBI). However, concerns were raised over delays in the institution’s audit. The ECC directed an inquiry into the matter and called for a comprehensive report within a week.