ECC okays mobile device production & e-Vehicle Policy

ISLAMABAD: The Economic Coordination Committee (ECC) of the federal cabinet has approved Mobile Device Manufacturing and Electric Vehicles Policy for two and three wheelers and heavy commercial vehicles.
The approval was given during the ECC meeting presided over by the Minister for Finance and Revenue Dr Abdul Hafeez Sheikh in Islamabad on Wednesday.
The forum approved removal of withholding tax of 4 percent on manufacturing to retailers of locally manufactured phones and removal of sales tax on locally manufactured phones.
The finance minister appreciated the detailed plan for rationalisation of subsidies and directed to present a comprehensive summary.
Ministry of National Food Security presented a summary for provision of additional quantities of wheat to the government of Azad Jammu and Kashmir and Utility Stores Corporation.
The finance minister directed to provide the first load of the additional quantities to both AJ&K and USC on priority as an interim arrangement to ensure smooth supply of wheat across the country.
The ECC also accorded approval for issuance of offshore Pakistan Rupee (PKR) linked Bonds to the International Finance Corporation (IFC). This will help in availability of financing to priority sectors, promote private sector investments and bring foreign exchange liquidity in the domestic foreign exchange market in the post-COVID-19 scenario.
The ECC approved the new re-lending policy 2020 presented by the Economic Affairs Division. The new re-lending policy will reflect the changes in the borrowing cost of the government, take into account variation in the exchange rate and pass on actual rates to the borrower for transparency. Other terms and stipulations, including with respect to recovery of commitment fee as in the policy in vogue, will continue to apply.
The Karachi Transformation Plan was postponed to the next ECC meeting.
Minister for Interior Sheikh Rashid Ahmed, Minister for Industries and Production Hammad Azhar, Minister for Economic Affairs Khusro Bakhtiar, Adviser to the Prime Minister on Commerce Abdul Razak Dawood, Adviser to the PM on Institutional Reforms and Austerity Ishrat Hussain, SAPM on Revenue Dr Waqar Masood, SAPM on Petroleum Nadeem Babar, Federal Minister for Maritime Affairs Ali Haider Zaidi, SAPM on Poverty Alleviation and Social Safety Dr Sania Nishtar, SAPM on Energy Tabish Gauhar, Federal Minister for Privatization Muhammad Mian Soomro and Federal Minister for Energy Omar Ayub Khan participated in the meeting. Governor State Bank of Pakistan Dr. Reza Baqir joined the meeting through video link. – TLTP

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