Islamabad: The Economic Coordination Committee (ECC) of the Cabinet approved a set of measures to speed up digital payments and to support people hit by recent monsoon rains. The committee cleared a Technical Supplementary Grant of Rs 3.5 billion to subsidize merchant charges on Raast QR code payments. This funding is to run in the current financial year with a provision to continue for three years.
The State Bank of Pakistan (SBP) was asked to notify the subsidy scheme without delay. The SBP will also present an evaluation of the operational effectiveness of the merchant discount rate subsidy by the end of the fiscal year. Officials said the move aims to lower the cost of digital payments for merchants and to widen the use of instant payments across the country.
The ECC granted a relief package of Rs 5.8 billion for those affected by heavy rains. The Finance Division was directed to release Rs 4 billion immediately to meet urgent needs on the ground. The package covers emergency relief and initial rehabilitation work for affected communities.
The committee also approved a Technical Supplementary Grant (TSG) of Rs 2 billion in favor of the National Energy Efficiency and Conservation Authority for the Prime Minister’s Fan Replacement Programme. The aim is to launch the programme with a tripartite support model that includes the State Bank and participating banks. The programme seeks energy savings and reduced household power costs.
On maritime matters, the ECC agreed to reimburse the Pakistan National Shipping Corporation an amount of Rs 330.526 million as directed by an earlier decision and asked the Ministry of Industries and Production to speed up arbitration and settlement related to Pakistan Steel Mills claims.
The committee gave in principle approval to a risk coverage scheme for small farmers and underserved areas. The scheme is projected to add around 750000 new agricultural borrowers to the formal credit system over the next three years. Officials said this will help small producers access working capital and build farm-level resilience.
Ministers also reviewed gas sector performance and asked the Petroleum Ministry to take measures to control losses and improve supply. The Minister for Finance and Revenue, Muhammad Aurangzeb, of the government presided over the meeting and discussed the issues with senior secretaries and officials of various relevant ministries. The committee requested regular updates on the implementation of all processes that were approved.