Finance Minister Muhammad Aurangzeb chaired key meeting of Economic Coordination Committee (ECC) in Islamabad today to review circular debt management plan in detail, reported 24NewsHD TV Channel.
According to official declaration of the meeting, review ways to ensure financial sustainability in power sector and Power Division was directed to prepare medium-term follow up mechanism plan for the monitoring of DICSOs targets.
The ECC also approved amendments to vehicle import policy. However, ECC approves retention of only transfer of residence and gift scheme. The commercial safety and environmental standards will be applied to imported vehicles. The ECC said the period of import vehicles has been extended from 2 to 3 years.
According to the announcement, imported vehicles will be non-transferable for one year. ECC also approved 5-10 percent increase in dealers and OMCs margins on petroleum products, however, half of the increase in margins is immediate, the other half is subject to digitalization. Petroleum Division will report by June 1, 2026.
The ECC ordered strict restrictions on import of chloroform. Only pharma companies will be able to import chloroform from DRA PNOC.
Ghani Glass's concessionary gas tariff case declared unworkable. The ECC said subsidies ended, extensive export support policy already underway. Grant of Rs 1.28 billion was approved for Pakistan Digital Authority. The ECC approved release of funds for development projects in the division. The grant of Rs 5 billion was approved for Housing and Works Division.
The ECC gave approval for establishment of special company for winding up of PASCO. Special company will be dissolved after settling liabilities. It also okayed funds for pension and medical expenses of PIA Holding Company. The ECC meeting was attended by concerned ministers, secretaries and senior officials.