ECC approves grant for additional construction on Torkham-Jalalabad road

ISLAMABAD: The Economic Coordination Committee (ECC) on Monday approved a supplementary grant of Rs500 million for the construction of additional carriageway on Torkham-Jalalabad Road under Prime Minister's Program for reconstruction of Afghanistan.

Finance Minister Asad Umar chairing a special ECC meeting ahead of his crucial discussions in the United States this week on an International Monetary Fund (IMF) bailout package. The finance minister will be in Washington to attend the meetings of the World Bank group, which includes the IMF.

During the meeting, it was noted that the construction of additional carriageway on Torkham-Jalalabad Road will not only benefit the people and business community of Pakistan and Afghanistan but would also help promote trade between the two neighbouring countries as well as the central Asian states.

The revival committee on Pakistan Steel Mills (PSM) Corporation also gave a comprehensive presentation to the ECC proposing various recommendations to make it a profitable and competitive organisation.

The ECC directed that Industries and Production Division and Privatisation Commission submit formal recommendations in the form of a summary for a final decision.

ECC expressed its deep concerns over the increase in prices of medicines and food items and directed the Ministries of Food Security and National Health Services to take practical measures to curb the current trend of rise in prices.

Further, the Petroleum Division briefed the ECC on the status of recoveries of Gas Infrastructure Development Cess for different industrial sections. The committee was informed about the litigation in different courts of law which had inhibited the collection of revenue during the recent years.