The Economic Coordination Committee (ECC) of the Cabinet met on Tuesday under the chairmanship of the Minister for Finance Senator Muhammad Aurangzeb to deliberate on important economic and development matters.
The ECC approved the term sheet jointly prepared by relevant stakeholders including NEECA, SBP and banks, based on the Draft Tripartite Agreement for the launch of the Prime Minister’s Fan Replacement Program. To kick start the program, the ECC also approved a TSG of Rs. 2 billion in favor of NEECA.
Subsidy for RAAST QR Code
On a proposal from the Finance Division regarding the subsidy for RAAST QR Code based person-to-merchant payments, the ECC approved an allocation of Rs. 3.5 billion through TSG for the current financial year with provision for continuation for three years, aimed at accelerating digital adoption and promoting the digital economy.
The ECC further decided that the State Bank of Pakistan would notify the scheme immediately and submit a comprehensive evaluation report to the ECC on the operational effectiveness of the MDR subsidy scheme by the close of the fiscal year.
New Energy Vehicle Policy
The committee also considered and approved a summary submitted by the Industries & Production Division pertaining to the New Energy Vehicle Policy 2025-30. The Committee commended the Division for preparing a comprehensive and forward-looking policy aligned with international best practices and recognized its potential to steer the country s transition towards electric vehicles.
Risk coverage scheme for small farmers
The meeting was further briefed on the risk coverage scheme for small farmers and underserved areas which is designed to provide coverage to subsistence farmers in Punjab and Sindh as well as all farmers in Khyber Pakhtunkhwa, Balochistan, Azad Jammu & Kashmir and Gilgit-Baltistan in view of their low share in current agricultural credit disbursements. The scheme is expected to add more than 750,000 new borrowers to the formal credit system over the next three years.
Gas sector
The ECC reviewed the overall gas sector and supply situation in the country and directed the Ministry of Petroleum to take effective measures to control losses in the sector and ensure operational efficiency.
The meeting was attended by Federal Minister for Petroleum Ali Pervaiz Maik, Special Assistant to Prime Minister for Industries & Production Haroon Akhtar Khan, federal secretaries and senior officials from relevant ministries and government departments.