ECC approves Pakistan’s NDB-BRICS membership

ISLAMABAD: The Economic Coordination Committee (ECC) of the federal cabinet on Friday approved over Rs 27 billion to ensure financial support for key initiatives.

The ECC was held under the chairmanship of the Federal Minister for Finance and Revenue, Senator Muhammad Aurangzeb.

The ECC approved a technical supplementary grant worth 19.15 billion rupees for 133 schemes of the defunct Pakistan Public Works Department.

It also okayed 5.36 billion rupees to execute development schemes under the SDGs Achievement Programme with 4.25 billion rupees allocated for Sindh and 1.11 billion rupees for Khyber Pakhtunkhwa.

The approval was also granted to an amount of 1.914 billion rupees in favor of NADRA, ensuring the transition of 43 Citizen Facilitation Centers in Khyber Pakhtunkhwa.

Read More: ECC approves Rs3bn grants for various departments

Besides, a grant of 500 million rupees was approved for the procurement of life-saving medicines and vaccines, while 84 million rupees for procurement of two Hino Coaster mini-buses and three Toyota Hiace vans to replace the outdated official transport at the President’s Secretariat.

Furthermore, the ECC approved Pakistan’s membership in the New Development Bank, established by BRICS member countries. The committee endorsed the purchase of 5,882 capital shares in the bank, amounting to 582 million dollars, with 116 million dollars as paid-in capital.

The forum allowed transfer of shares of DISCOs in the name of the President of Pakistan and incorporation of an International Joint Trading Company in Singapore by Pakistan State Oil and the State Oil Company of Azerbaijan.