Abdul Hafeez Shaikh presided the Economic Coordination Committee (ECC) meeting and approved a recommendation for regulating petroleum prices in the country after every 15 days, The ECC meeting consider over the price mechanism of the petroleum prices besides deciding on fuel prices for the next month.
According to the sources, The Economic Coordination Committee also approved the import of 300,000 metric tonnes of sugar, the imports would be carried out through Trading Cooperation of Pakistan (TCP), During the last ECC meeting on July 22, a mark-up subsidy for the Naya Pakistan Housing Authority was approved by the meeting presided by Abdul Hafeez Shaikh.
The SAPM while announcing the facilitation for the housing sector, He said that mark-up subsidy would be given on bank financing for 10 years. Mark-up would remain 5% for a 5 marla house for a period of 5 years and would then be extended to 7% for the remaining 5 years. The subsidy would be given on a 3 to 5 marla house, pricing upto Rs. 3.5 million.
The subsidy on a 10-marla residential structure would be given if it has a value of upto Rs. 6 million. The Economic Coordination Committee approved a Rs. 33 billion subsidy for low-cost housing structures.
The Economic Coordination Committee also approved a minimum price for tobacco for the year 2020 after a recommendation from the Prices and Grade Revision Committee, The sources reported, A new system was also approved for the National Command and Operations Centre (NCOC) and other government functionaries with Rs 41.8 million approved by the ECC for it.
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