Picture used for illustrative purpose.

The Economic Coordination Committee (ECC) of the cabinet has approved import of 300,000 metric tonnes of wheat to avoid any shortage of the commodity in the country.

Finance Minister Dr Abdul Hafeez Shaikh chairs the meeting in Islamabad Wednesday.

The meeting also approved government’s sovereign guarantee against financing facility of Rs15.25 billion from local banks for evacuation of power from Thar Coal Based Project.

The ECC approved technical supplementary grants worth over Rs737 million for various projects, including Rs61 million for feasibility study for new rail link between Peshawar to Jalalabad through Loi Shalman valley.

The committee also approved 29.38 million for Quaid-e-Azam Academy Karachi, 413.77 million for renewal of lease of Pakistan Quarters Karachi and Rs233.443 million for E-Procurement System.

The ECC nodded approval to revised eligibility criteria and payment mechanism for cost subsidy against 100,000 housing units to be constructed during phase-I by the end of this year.

According to a press statement issued after the meeting, Federal Minister for Interior Sheikh Rasheed Ahmad, Federal Minister for Privatisation Muhammad Mian Soomro, Federal Minister for Energy Omar Ayub Khan, Federal Minister for Industries and Production Hammad Azhar, Adviser to the PM on Commerce Abdul Razak Dawood, Adviser to the PM for Institutional Reforms and Austerity Dr. Ishrat Hussain, SAPM on Revenue Dr. Waqar Masood, SAPM on Power Tabish Gauhar, Governor State Bank of Pakistan Reza Baqir, Secretary Finance, Secretary Power Division, Secretary Ministry of National Food Security and Research, Additional Secretary M/o Industries and Production, Chairman Naya Pakistan Housing & Development Authority, Chairman BOI and other senior officials participated in the meeting.

Chairman, Naya Pakistan Housing and Development Authority (NAPHDA) presented a revised eligibility criteria for selection of applicants, modalities for payment of cost subsidy and mechanism for release of funds with reference to the special incentive package for Housing and Construction sector, announced by the Prime Minister in July 2020.