ECC approves Rs100bn supplementary grant for PM’s austerity fund
ISLAMABAD: The Economic Coordination Panel (ECC) on Thursday approved a Rs100 billion supplementary grant for the premier’s austerity fund created to
An illustrative image related to: ECC approves Rs100bn supplementary grant for PM’s austerity fund, highlighting key aspects of the story. | Image source: Dawn.com
ECC approves Rs100bn supplementary grant for PM’s austerity fund
ISLAMABAD: The Economic Coordination Panel (ECC) on Thursday approved a Rs100 billion supplementary grant for the premier’s austerity fund created to finance the petroleum pricing financial backing.
Finance Secretary Muhammad Aurangzeb presided over the ECC session, which approved a summary submitted by the Government department of Finance, seeking a Technical Supplementary Grant (TSG) of Rs100bn for onward transfer to the austerity fund.
“The panel was informed that, in light of evolving developments in the Gulf zone and their potential impact on global petroleum prices, the premier had directed the mobilisation of Province sector Progress Programme (PSDP) resources to meet price differential requirements on petroleum products and to cushion consumers from price fluctuations,” an official comment stated.
During the discussion, the ECC observed that the proposed allocation was being met through rationalisation and surrender of PSDP funds by various ministries and divisions, as coordinated by the Government department of Planning, Progress and Special Initiatives in consultation with Principal Accounting Officers of the ministries concerned, it further stated.
It was emphasised that the reallocation exercise had been undertaken to minimise disruption to priority and well-performing projects while creating the required budgetary room.
“The panel also took note that initial surrenders have already been received and the remaining adjustments were being finalised to meet the overall requirement. It was observed that PSDP had already been cut by Rs100bn to Rs900bn for the purpose,” the comment stated.
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