Economic Coordination Committee Directs Measures for Price Stability and Anti-Profiteering

The Economic Coordination Committee (ECC) has issued directives to the National Price Monitoring Committee (NPMC) to maintain consistent coordination with Provincial Governments to ensure Stability in Prices and to Counter Hoarding and Profiteering. Chaired by Dr. Shamshad Akhtar the Caretaker Federal Minister for Finance, Revenue and Economic Affairs, the ECC made this Decision following a Comprehensive briefing by the Pakistan Bureau of Statistics (PBS) on inflation trends and the Current Prices of Essential Commodities.

During the meeting the Committee also Granted approval for the Budget of the Employee Old Age Institution (EOBI). The EOBI has Recently Witnessed a Significant increase in Contribution Collection Totaling around Rs.100 Billion. The ECC Commended the EOBI for its Commendable Performance and Stressed the importance of adhering to the Budget Calendar. Furthermore the Committee urged the Development of a Comprehensive long-term Plan to address the Rs.2 Trillion Liabilities Related to Pension Dues.

In addition the ECC engaged in a detailed Discussion about the Approval of the TAPI project as a Qualified Investment Incentive Package under the Foreign Investment (Promotion and Protection) Act, 2022 (FIPPA). Recognizing the Project’s Crucial Role the Committee Emphasized the Need for a Prompt Launch. However it called for additional Scrutiny of Legal aspects, incentives and Concessions associated with the Project’s inclusion Under the FIPPA Act.

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The Committee also Granted approval for the Principles Governing the Resolution of Capacity Deduction issues for imported Coal-based Projects. This includes the Subsequent execution of a Side agreement with Port Qasim Electric Power Company.

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Overall the ECC’s Decisions Underscore its Commitment to addressing Economic Challenges, Promoting Transparency and Fostering Stability in various Sectors Particularly in the Pricing and Financial Domains.