Economic Coordination Committee approved fiscal stimulus package of Rs 1.2 trillion

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Economic Coordination Committee approved fiscal stimulus package of Rs 1.2 trillion

ISLAMABAD -:Economic Coordination Committee has approved the fiscal stimulus package of 1.2 trillion rupees.

Meeting of the ECC was held in Islamabad on Monday with Adviser to the Prime Minister on Finance Dr. Abdul Hafeez Shaikh in the chair.

ECC approved Supplementary Grant of 100 billion rupees for the "Residual/Emergency Relief Fund" in terms of article 84(a) of the constitution for provision of funds for mitigating the affect of COVID-19.

The special package for providing relief to the poor through cash assistance under the Ehsaas Program was also approved by the ECC.

The package will provide cash grants to 12 million families under the regular "kifalat program" and emergency cash assistance on the recommendation of the district administration.

The assistance will be provided for four months and besides the BISP beneficiaries it will be one time dispensation.

ECC accorded approval to 200 billion rupees of cash assistance for the daily wagers working in the formal industrial sector and who had been laid off as a result of COVID-19 outbreak.

The meeting also approved 50 billion rupees for Utility Stores Corporation to provide essential food items to the vulnerable sections of the society at subsidized rates.

ECC also approved 75 billion rupees for FBR to enable them to payback the sales tax and income tax refunds, duty drawbacks and customs duties which is due for the last 10 years.

The forum also allowed to reduce different taxes and duties on import and supply of different food items for alleviating the adverse impact of COVID -19 on different sections of the society.

ECC approved supplementary grant of 6 billion rupees for Pakistan Railways to meet its expenses.