On January 18, 2025, a key meeting of Pakistan’s Economic Coordination Committee (ECC) was held, chaired by Senator Muhammad Aurangzeb, the Federal Minister for Finance and Revenue. The meeting was attended by top officials, including Minister for Planning Ahsan Iqbal, Minister for Industries and Production Rana Tanveer Hussain, and several other important figures from various government ministries.
One of the primary topics discussed at the meeting was the issue of salaries for employees of Pakistan Steel Mills (PSM). The Ministry of Industries and Production had proposed that the government allocate funds to ensure timely salary payments to PSM staff for the financial year 2024-25. After careful consideration, the ECC approved a sum of Rs. 935.78 million for PSM employees’ salaries. This money will be provided monthly, in line with PSM’s salary demand, and will be covered under the already approved budget of Rs. 3.5 billion.
In addition to approving the salary funds for PSM workers, the ECC also considered several other important financial matters. The Ministry of National Food Security and Research presented a proposal for a Technical Supplementary Grant (TSG) of Rs. 910 million. This funding will be used to establish the National Food Safety, Animal, and Plant Health Regulatory Authority (NFSAPHRA). The ECC gave its approval for this proposal, recognizing its significance in improving the food safety system in the country.
Moreover, the meeting included discussions on the energy sector. The Power Division presented a proposal to revise the timeline for determining annual electricity tariffs. The ECC approved the policy guidelines to amend the process of tariff determination. These changes are aimed at ensuring a smoother and more predictable process. The Power Division was also given the green light to work with the National Electric Power Regulatory Authority (NEPRA) to implement these new guidelines.
Another important decision made by the ECC involved the extension of regulatory duties on flat steel products. The Ministry of Commerce proposed extending these duties until March 31, 2025, which the ECC approved. However, it was emphasized that no further extensions would be considered after this period, marking a firm stance on the issue.
The ECC also addressed several other financial matters during the meeting. The Ministry of Foreign Affairs was granted a Technical Supplementary Grant of Rs. 90.275 million to ensure the operational efficiency of the Pakistan Air Force (PAF) and Pakistan International Airlines (PIA). Similarly, the Ministry of Interior was approved for Rs. 941.4 million to support the operational needs of the Frontier Corps North during 2024-25.
Another significant decision was the approval of replacing bank guarantees with insurance guarantees for the Afghan Transit Trade through Gwadar Port. This change will streamline the trade process, making it easier for businesses involved in the import of Di-Ammonium Phosphate (DAP).
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