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RS 8.2 B Ramzan Relief Package Approved by ECC

Islamabad: On Tuesday, the Economic Coordination Committee (ECC) of the Cabinet approved the Ramzan Relief Package -2022, which includes a Rs8.2 billion subsidy, in principle.

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The relief package presented by the Ministry of National Food Security and Research (MNFS&R) has been authorized for the entire country’s workforce, not just the 20 million households registered with the Ehsaas Rashan Riyat Program, as well as guidelines to establish procedural methods to limit the number of interventions per family.

Shaukat Tarin, the Federal Minister for Finance and Revenue, presided over the ECC meeting, according to a press release from the Finance Ministry.

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The ECC authorized an intervention price level of Rs. 5,700/40 kg seed cotton in order to restore cotton production in the country, stabilize the domestic market, and ensure farmers receive a fair return. Under the Debt Service Suspension Initiative, the ECC allowed the Ministry of Economic Affairs to negotiate 15 debt rescheduling agreements with a variety of credit nations (DSSI).

The committee also approved the Petroleum Division’s request to offer a sovereign guarantee in the amount of Rs 21,000,000,000 to M/s Faysal Bank Limited for the remaining 4.5 years of the loan at a significantly reduced markup rate.

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