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ECC approves 41.8 million for Ministry of Telecom & IT

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The Financial Coordination Committee of the Cupboard (ECC) on Wednesday accredited allocation of Rs. 41.Eight million for Ministry of Info Expertise and Telecommunication/ NITB for deployment of programs, information evaluation, modeling and cell apps for Nationwide Command and Operations Centre (NCOC) stakeholders and authorities departments.Adviser to Prime Minister on Finance and Income Dr. Abdul Hafeez Shaikh chaired the assembly of the ECC on the Prime Minister workplace.ECC accredited allocation of Rs. 41.Eight million for Ministry of Info Expertise and Telecommunication/ NITB for deployment of programs, information evaluation, modeling and cell apps for NCOC stakeholders and authorities departments with the directions that wherever potential the finances could also be rationalized/ minimized with the session of Finance Division.ECC determined to allocate 150,000 metric tons of wheat to the Pakistan Military from PASSCO assets on fee foundation for the yr 2020-2021. ECC additionally accredited the costs of tobacco really useful by the Worth and Grade Revision Committee in pursuance of part 8(1) of the PTB Ordinance 1968.  ECC additionally directed that the MNFSR shall additionally give an in depth presentation on the mechanism of willpower of costs and also will level out the gaps within the system.ECC additionally accredited “Mark up subsidy for Housing Finance”, proposed by Naya Pakistan Housing and Improvement Authority.  Honorable Prime Minister has on July 10, 2020 introduced particular incentives for housing and contruction sector to revive financial growth amid Covid-19 pandemic. Markup subsidy shall be supplied for 10 years on financial institution financing.Accordingly, finish consumer markup charge on housing items measuring as much as 5 marla can be 5 p.c for first 5 years and 7 p.c for subsequent 5 years. For housing items measuring 10 marla, finish consumer markup charge can be seven p.c for first 5 years and 9 p.c for subsequent 5 years. The subsidy can be given on items the place the value of the housing unit doesn’t exceed Rs.3.5 million for 3-5 Marla and isn’t greater than Rs.6 million in case of 10 Marla Home. Rs 33 billion had been allotted for the mortgage tenor of 10 years with Rs. 4.77 billion to be allotted within the present monetary yr for the fee of markup this yr.ECC additionally accredited the Institution of Balochistan Mineral Exploration Firm Restricted with the help of the Federal Authorities. It is going to be three way partnership of GoP with the Authorities of Balochistan for formation and operations of BMEC with 10% shareholding amounting to Rs320 million to be injected in two equal tranches by way of Pakistan Mineral Improvement Company. The Petroleum Division and PMDC are licensed to execute the shareholders settlement and full all required authorized, regulatory and company formalities in reference to formation, incorporation and fairness participation in BMEC.Ministry of Nationwide Meals Safety and Analysis introduced a proposal to the ECC on (utilization) of the Fiscal bundle of Rs.100 billion allotted for the Agriculture and SME sector out of the 1200 billion fiscal bundle of the PM on Covid -19. On the request of the MNFSR, ECC accredited allocation of Rs 15.7 billion , earmarked for nitrogenous fertilizers to be diverted to phosphate and Potash fertilizers. It was additionally determined to right away launch and disburse the subsidy on whitefly pesticides. Rs 1.5 billion subsidy for tractors and markup of Rs. 6.Eight billion on all loans for 12.5 acres of land holdings disbursed by ZTBL with passbook as collateral for FY 2020-21 solely (to be adjusted by way of guide and tax adjustment of SBP and FBR respectively) had been accredited.ECC directed MNFSR to correctly monitor and consider the mechanism of disbursement of varied subsidies for sustaining transparency of the system and to make sure that profit reaches to the small farmers.

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