ISLAMABAD: The Economic Coordinating Committee (ECC) of Cabinet on Monday approved a relief package worth Rs 8.28 billion to provide essential items at subsidized rates during the holy month of Ramzan.

The ECC has approved a summary filed by the Ministry of Industry and Production for the Ramzan 2022 relief program.

The ECC, after discussion, has approved the Ramzan Relief Package 2022 for 19 essential items for sale at subsidized rates at Utility Stores Corporation (USC) with a total subsidy of Rs. 8.28 billion.

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Federal Finance and Revenue Minister Shaukat Tarin chaired the ECC meeting.

Federal Minister of National Food Security and Research Syed Fakhar Imam, Federal Minister of Railways Muhammad Azam Khan Swati, Federal Minister of Energy Hammad Azhar, Federal Secretaries and Senior Officials attended the meeting .

The ECC has approved the Kamyab Overseas (KOP) program as a new component of the Kamyab Pakistan program. The new initiative is aimed at prospective low-income overseas workers who have confirmed an overseas job offer, employment contract and valid travel documents and registered with the NSER to qualify for interest-free loans under the KPP .

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The maximum loan amount would be Rs. 300,000 and returned in easy installments from three months onwards. The loan will be granted to 10,180 beneficiaries with required funds estimated at Rs. 3 billion for the 4th quarter of 2021-2022.

The ECC has reviewed and approved a summary submitted by the Department of Commerce on proposed amendments to the Import and Export Policy Order 2020 for the development of the Integrated Tariff Management System (ITMS) for the One Stop Shop of Pakistan (PSW).

The Department of Energy (Petroleum Division) has submitted a summary for the allocation of gas from the Togh field on a commercial basis.

The ECC, after discussion, has licensed up to 16 MMCFD gases from Togh Field to SNGPL on a commercial basis. The price of gas at the wellhead will be decided by the relevant regulator in accordance with applicable rules and policies. The Ministry of Energy (Petroleum Division) has submitted a summary to enable the modification of the Petroleum Concession Agreement, allowing GHPL to be awarded a working interest in the Wali, Jandaran West, Saruna and Pesu blocks of the OGDCL.

The ECC approved the modification of the respective oil concession agreements by allowing GHPL to increase its working interest above its statutory 2.5% working interest as a state participant in the Wali, Jandran Blocks West, Saruna and Pesu of OGDCL.

The Ministry of Energy (Electricity Division) presented a summary of the incentive program announced by the Prime Minister regarding the reduction in the price of electricity.

The ECC has reviewed and approved the PM relief package of Rs. 5 per unit as a reduction in the base tariff of electricity charges for the four month relief period (March 2022 to June 2022).

The relief package will be applicable to all non-ToU commercial and domestic consumers with monthly consumption up to 700 units, excluding lifeline consumers.

The cash requirement for the PM Relief Package is Rs. 136 billion. The Department of Energy (Petroleum Division) has submitted another summary on reimbursement of differential price claims from Petroleum Marketing Companies (OMCs) and Refineries under the PM Relief Program to reduce prices at the Motor Spirit and Diesel consumption of Rs. 10 per litre. The price differential would be paid to oil marketing companies/refineries by the government as a subsidy to avoid any shortage in the market.

The ECC approved a special PDC disbursement mechanism to pay the PDC expeditiously within 15 days, the opening of a trust account with PSO and an initial amount of Rs 20 billion to PSO as per the mechanism.

The ECC also reviewed and approved the following additional/additional technical grants:

I. Rs. 428.90 million to the Foreign Affairs Division to cover expenses related to the holding of the 48th Session of the OIC Council of Foreign Ministers to be held in Islamabad on 22-23 March 2022.

ii. Rs. 47.561 million to the Poverty Alleviation and Social Security Division.

iii. Rs. 135.078 billion for principal and interest payments on Naya Pakistan Certificates and Naya Pakistan Islamic Certificates.