PKR 303 Billion Public Relief Package Approved by ECC
Monday in Islamabad, the Economic Coordination Committee (ECC) of the federal cabinet announced a PKR 303 billion subsidy budget to help public relief initiatives (March 07). The budget will cover the decrease of electricity prices, partial payments to the oil industry, and the servicing of Naya Pakistan Certificates’ debt.
The ECC meeting, which was led by Finance Minister Shaukat Tarin, reportedly took the following decision:
- Implementation of a cutting-edge traffic management system on the Islamabad Expressway
- Ramzan Package for 19 kitchen appliances valued PKR 8.28 billion
- PKR 136 billion has been designated for a PKR 5 per unit reduction in electricity rates over the following four months (March to June). The exemption will be extended to all residential users with monthly consumption below 700 units
- Twenty billion Pakistani rupees were allotted for the oil industry’s first installment of pricing differential claims.
- The debt service budget for Naya Pakistan Certificates and Islamic Naya Pakistan Certificates was set at PKR 135.078 billion.
- The Kamyab Abroad Programme (KOP) for overseas low-income youth was awarded PKR 3 billion. The loan would be made accessible to low-income youth to cover overseas travel expenses of up to PKR 300,000, and would be repaid after three months of travel.
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