Economic Coordination Committee Approves Funds for General Elections and Investment Initiatives

General election of Pakistan 2023. ECC approval of funds to invest in general election conduction in Pakistan 2023.

The Economic Coordination Committee (ECC) of the Cabinet has given the green light to critical funding requests and investment initiatives during its recent meeting chaired by Finance and Revenue Senator Ishaq Dar.

Election Commission Funding:

In preparation for the upcoming General Elections in the fiscal year 2023-2024 (FY24), the ECC approved a technical supplementary grant (TSG) of Rs. 42.528 billion demanded by the Election Commission of Pakistan. To kickstart the process, the ECC has allowed the first release of Rs. 10 billion, with further disbursements to be made on a need basis.

Investment Drive:

In support of efforts to attract foreign investment, the ECC also approved a Technical Supplementary Grant (TSG) of Rs. 200 million for the Special Investment Facilitation Council (SIFC) of the PM Secretariat. The SIFC aims to encourage investment from Gulf Cooperation Council (GCC) countries and others in sectors like Defense, Agriculture, Minerals, Information Technology, and Energy.

Reviving Pakistan's Film Industry:

To revive the ailing film industry in Pakistan, the ECC has granted approval for cinemas to be charged electricity rates equivalent to those applicable to the industrial sector.

Streamlining Exports to Afghanistan:

The ECC addressed the export of vegetable ghee/cooking oil to Afghanistan through land routes from export processing zones. It approved the removal of specified conditions for exports to Afghanistan by omitting Para 7(6) and para 7(7) of Export Policy Order (EPO) -2022. Additionally, the ECC amended Schedule-II of EPO-2022 to facilitate the export of vegetable ghee/cooking oil from EPZs and export-oriented units to Afghanistan.

Tobacco Cess Rate Revision:

The ECC also approved the revised Cess rates for tobacco in the year 2023-24 as per Section 9 of PTB Ordinance 1968. These rates are based on Minimum Indicative Prices (MIPs) for the year 2023-24, according to the Ministry of National Food Security & Research.

The ECC meeting was attended by several key federal ministers, state ministers, and senior government officials who deliberated on these crucial matters for the nation's economic growth and development.

 

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