ISLAMABAD:A meeting of the Economic Coordination Committee (ECC) held here on Monday with Adviser to the Prime Minister on Finance Dr Abdul Hafeez Shaikh in the chair approved the fiscal stimulus package of Rs1.2 trillion.
The ECC approved Supplementary Grant of Rs100 billion 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. The ECC also accorded approval of Rs200 billion 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 Rs50 billion for Utility Stores Corporation to provide essential food items to the vulnerable sections of the society at subsidized rates.
The ECC approved Rs75 billion 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. The ECC approved supplementary grant of Rs6 billion for Pakistan Railways to meet its expenses.