ECC approves Pakistan's NDB-BRICS membership

Islamabad: The Economic Coordination Committee of the Cabinet has approved over 27 billion rupees to ensure financial support for key initiatives.

The ECC, which met in Islamabad today with Finance Minister Muhammad Aurangzeb in the chair, approved a technical supplementary grant worth 19.15 billion rupees for 133 schemes of the defunct Pakistan Public Works Department.

It also okayed 5.36 billion rupees to execute development schemes under the SDGs Achievement Programme with 4.25 billion rupees allocated for Sindh and 1.11 billion rupees for Khyber Pakhtunkhwa.

The approval was also granted to an amount of 1.914 billion rupees in favour of NADRA, ensuring the transition of 43 Citizen Facilitation Centers in Khyber Pakhtunkhwa. Besides, a grant of 500 million rupees was approved for the procurement of life-saving medicines and vaccines, while 84 million rupees for the procurement of two Hino Coaster mini-buses and three Toyota Hiace vans to replace the outdated official transport at the President's Secretariat.

Furthermore, the ECC approved Pakistan's membership in the New Development Bank, established by BRICS member countries. The committee endorsed the purchase of 5,882 capital shares in the bank, amounting to 582 million dollars, with 116 million dollars as paid-in capital.

The forum allowed the transfer of shares of DISCOs in the name of the President of Pakistan and the incorporation of an International Joint Trading Company in Singapore by Pakistan State Oil and the State Oil Company of Azerbaijan.