The ECC “endorsed” Rs739 billion Karachi Transformation Plan (KTP) and allowed revision in the Master Plan for five terminals at Port Qasim. ─ Photo courtesy Farooq Soomro
ISLAMABAD: The Economic Coordination Committee (ECC) of the Cabinet on Thursday “endorsed” Rs739 billion Karachi Transformation Plan (KTP) and allowed revision in the Master Plan for five terminals at Port Qasim. The committee also approved in principle the launch of $500 million international bond by Wapda.
The meeting of the ECC presided over by Finance Minister Dr Abdul Hafeez Shaikh also ordered shelving three LPG air-mix plants in Chitral and allowed duty and tax free import of oxygen tanks for Covid-19 patients.
As Dr Abdul Hafeez Shaikh starts official business as federal minister for finance, he has fewer powers than he enjoyed until last week as adviser to the prime minister on finance and revenue. AP/File
As Dr Abdul Hafeez Shaikh starts official business as federal minister for finance, he has fewer powers than he enjoyed until last week as adviser to the prime minister on finance and revenue.
The continuation of Dr Shaikh as head of the economic team was important to ensure stability in the markets and maintain existing engagements with the International Monetary Fund (IMF) that had kept its $6 billion Extended Fund Facility (EFF) virtually suspended for almost a year and yet provided $1.4bn emergency support following the Covid-19 outbreak.