ECC discuss summary of ETCSP worth Rs106.102 bln

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enewspaper.com.pk/ECC discuss summary of ETCSP

ISLAMABAD, Dec 17 (APP): The Economic Coordination Committee (ECC) of the Cabinet on Friday discussed the summary of Ehsaas Targeted Commodity Subsidy Program (ETCSP) worth Rs106.102 billion presented by the Poverty Alleviation and Social Safety Division.

The total amount of this program is Rs 106.102 billion for the period of January 1st to June 30, 2022, and the program includes subsidies for beneficiaries, incentives for Kiryana Stores.

Federal Minister for Economic Affairs, Omar Ayub Khan, chaired the special meeting of the ECC of the Cabinet here, said a press release issued by the Ministry for Economic Affairs here.

SMS Charges for Telecom Operators, Verification Charges to Pakistan Mobile Numbers Portability Database and NADRA, mobilization charges, NBP costs, and other operational expenditures.

It was highlighted that in pursuance of the Cabinet Decisions, extensive efforts were undertaken including field visits, market surveys, and meetings with local shop owners/Tajir Associations in dozens of cities across the country.

In addition, wide-ranging consultations were held with relevant provincial and federal stakeholders.

Resultantly, the Program Design Document has been amended to ensure compliance with the Cabinet Decisions and address the concerns of stakeholders.

Further, the PASS Division and the National Bank of Pakistan have also started mobilization efforts for beneficiaries and merchants’ registration.

In order to implement this program, PASS Division will enter into an MOU with NBP for this purpose and will reimburse all relevant costs incurred by NBP on a monthly basis subject to an independent audit and authorization by the Program Steering Committee.

PASS Division will hire one of the top Accounting Firms as an external auditor to review all transactions (subsidy and vendor payments) processed on monthly basis;
The three items covered under the program are essential commodities with inelastic demand, therefore, adoption of local prices will be allowed for the disbursement of the fixed per unit subsidy.

According to the Kiryana Incentive Scheme, target Kiryana Stores are located in communities with an average monthly income of less than Rs. 30,000 per family.

Hence, 8% of subsidy value as an incentive for Kiryana Stores (Rs. 12 / transaction, assuming an average transaction value of Rs. 500) will be allowed.

After due deliberations, ECC of the Cabinet approved the summary of Poverty Alleviation & Social Safety (PASS) Division for the launching of the Ehsaas Targeted Commodity Subsidy Program (ETCSP).

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