In a major step towards environmental reform, the Economic Coordination Committee (ECC) approved Pakistan’s green taxonomy, proposed by the Ministry of Climate Change and Environmental Coordination.
The Minister of Finance praised the move and called it “long due” and crucial to unlocking green funding.
According to a press release issued by the Ministry of Finance, the meeting – communicated by Finance Minister Muhammad Aurangzeb – was at a wide range of agenda items related to industrial growth, environmental sustainability, skills development, housing financing and telecommunications.
The ECC reviewed and approved a report from the Ministry of Commerce on improving industrial competitiveness and promoting export -led growth in the steel sector. The proposal is in line with the National Tariff Policy 2025-30 and is trying to reduce production costs and increase exports.
ALSO READ: KSE-100 hovering about 140,000
ECC green lit a markup supplement and a risk sharing scheme to promote affordable housing financing with the aim of expanding access to cheap housing. It further directed the development of an integrated database of the housing sector in consultation with federal and provincial stakeholders to improve implementation.
The committee also approved a summary from the Ministry of Commerce to submit an appeal in the Supreme Court against a Lahore High Court decision that gave gas/RLNG tariff dreams to Ghani Glass LTD, and noted that energizing export sectors had already been withdrawn and was no longer in effect for any industry.
In skills development, ECC approved an RS1 billion government guarantee for Pakistan Skill Impact Bond (PSIB) to support performance -based vocational education programs. The committee advised the ministry to go over in relation to public-private partnerships and reduce the dependence on sovereign guarantees.
The Ministry of Industries and Production briefed ECC on trends on vegetable ghee and oil market. Although national warehouses are reportedly sufficient, the Committee expressed concern about the slow review of falling global prices for domestic consumers.
ALSO READ: DAR SEEKING ‘STABLE Relationship’ with us at first meeting with Rubio
It called for close coordination with the Competition Commission in Pakistan, the National Price Monitoring Committee (NPMC) and provincial authorities to prevent potential cartelization.
In the telecommunications sector, ECC approved a proposal from the Ministry of IT and Telecommunications to revise Fees for Radio -Based Services (RBS). It conducted regular revisions of these charges every three to fifth years in line with economic shifts and technological advances.
The meeting, who also attended the Minister of Power Sardar Awais Leghari, Petroleum Minister Ali Pervaiz Malik, and trade minister Jam Kamal Khan, also approved a revised advisory committee to release IMT Spectrum, critically to improve broadband access.
Finally, the ECC approved the formal recognition of shipbugs and recycling as an industry proposed by the Ministry of Maritime Affairs. The Committee instructed the Ministry to share the sector’s power consumption data with the power department to assess the effect of using industrial instead of commercial power tariffs.
