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Govt Approves New Loan Scheme for Electric Bikes and Rikshaws

On Thursday, the federal cabinet’s Economic Coordination Committee approved funding requests from Ministries and Divisions, including a loan program for e-bikes and e-rickshaws with no markup and the provision of sugar in Punjab at Rs. 95 per kg during the Ramazan holy month.

Ishaq Dar, the federal minister of finance and revenue, presided over today’s meeting of the Cabinet’s Economic Coordination Committee (ECC).

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Federal Minister for Power Khurram Dastgir Khan, Federal Minister Commerce Syed Naveed Qamar, Federal Minister for Industries and Production Syed Murtaza Mahmud, Federal Minister for National Food Security & Research Chaudhry Tariq Bashir Cheema, SAPM on Finance Tariq Bajwa, SAPM on Revenue Tariq Mehmood Pasha, Coordinator to the PM on Economy Bilal Azhar Kayani, Federal Secretaries and other senior officers attended the meeting.

The Ministry of Industries and Production provided information on the viability, demand, and incentive structure for potential users to make electric bikes cheap in a summary about financing options for electric bikes (E-bikes) and E-Ricksaws.

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The Prime Minister’s Youth Business & Agriculture Loan Scheme (PMYB&ALS) model for E-Bikes/E-Rickshaws was authorized by the ECC after discussion in order to quickly and sustainably increase demand for them in the nation. A clean loan of up to Rs. 0.5 million will be provided under the plan’s Tier-I (T1) of PMYB&ALS, with a three-year payback period and a 0% markup rate. In the current fiscal year, this facility will be open for up to 15,000 E-bikes/Ricksaws. The Ministry of Industries & Production will develop the scheme’s modalities in collaboration with PMYB&ALS.

The Ministry of Commerce’s brief addressing the declaration of Customs Station Angoor Adda as an authorized export land route to Afghanistan and through Afghanistan to Central Asian Republics was taken into consideration and approved by the ECC.

By raising the existing guarantee limit from Rs. 247.630 billion to Rs. 263.237 billion, the ECC approved an increase in the GoP guarantee pertaining to USD-denominated loans of PIACL to the tune of Rs. 15,607,394,711/-.

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The meeting was briefed on the results of the meeting between the Sugar Advisory Board and PSMA regarding the retail price of sugar, and a summary of the price of sugar during the month of Ramazan was presented by the Ministry of National Food Security and Research.

The PSMA Punjab Zone has agreed to provide 20,000 MT of sugar at a retail price of Rs. 95 per kg during the month of Ramazan (till Eid-ul-Fitar) for sale to the general population through the Government of Punjab at the district level. The ECC supported the decisions made at the meeting. The ECC further instructed in order to arrange for the provision of sugar in other provinces/areas on a similar pattern with other provincial PSMAs.

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The following Technical Supplementary Grants/Supplementary Grants were approved by ECC:

  • Construction of the railway underpass at Jahanian, District of Khanewal, is being carried out with a development program worth Rs. 261 million in the favor of the Ministry of Housing and Works.
  • USD 0.5 million is equal to 142.5 million Indian Rupees. Coverage for the standard package for bolstering preventative and curative activities for mental health and condition of Covid-19 research activities has been committed by the SAARC Development Fund in favor of the Ministry of National Health Services, Regulations, and Coordination.
  • In order to repair and maintain the Supreme Court of Pakistan building, Judges’ residences, rest houses, and sub-offices in various cities, Rs. 250 million has been designated in their favor.
  • 22 million rupees will be paid to the Ministry of Foreign Affairs to cover electricity debts.

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