Posted 2/2/2024, 2:04:43 AM
ECC Sustains Wheat Subsidy for Gilgit-Baltistan while Transitioning Interest Rates, Approves Grants amid Budget Cuts
- ECC approves continuing wheat subsidy for Gilgit-Baltistan by cutting budgets of federal ministries to meet IMF conditionality on subsidies
- Protests erupted in Gilgit-Baltistan over wheat price hike from Rs20/kg to Rs36/kg; full removal of subsidy would cost GB government additional Rs10bn
- ECC approves transition from London Inter-Bank Offer Rate (Libor) to Secured Over Night Financing Rate (SOFR) for interest calculation in electricity contracts
- Supplementary grants approved for Institutional Reforms Cell, Sahiwal Bull import, rehabilitation of flood-damaged roads in KP, and clean drinking water projects in Lahore
- News article published in Dawn newspaper on February 2nd, 2024