ECC states that the USC Assistance program will Continue
In addition to designating the (warehousing and logistics) sector as an industry, the Economic Coordination Committee (ECC) of the Cabinet has authorized the continuance of the Prime Minister’s Relief Package for the fiscal year (2024–2025). According to sources inside the Finance Ministry, the (Prime Minister’s Relief Package and the Ramazan Relief Package 2024) have allotted a total of Rs (60 billion) for the fiscal year (2024–25). Finance Minister Muhammad Aurangzeb handed over the meeting.
It was reported to the meeting that the amount given consisted of (Rs 10 billion) for the Ramadan Relief Package and (Rs 50 billion) for the Prime Minister’s Relief Package. They further stated that under the Prime Minister’s Relief Package (PMRP), the USC has been offering (5) necessities at discounted prices since the beginning of 2020.
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Additionally, for the fiscal year (2023–2024), the federal cabinet approved a targeted subsidy model that the USC has been implementing, totalling (Rs. 35 billion) until (June 30, 2024). Based on data from the Benazir Income Support Program (BISP), the amount of the subsidy will be used to help the poorer sectors of society. The (5) basic products have been provided at subsidized rates for the targeted population who are registered with the Benazir Income Support Program (BISP). According to sources from the Ministry of Industries, the current subsidy (per family) of (Rs2,734 per month) for the fiscal year (2023–2024) is currently being suggested after being revised to (Rs3,650 per month) for the fiscal year (2024–2025).
This represents a rise in the general subsidy per family of (Rs916 per month, or 25.09 per cent). The ministry asked the Finance Division to direct the distribution of funds for the (Prime Minister’s Relief Package 2024–25) on monthly schedules for (10) months, from (August 1– June 30, 2025), not including the month of Ramadan. It also asked for acceptance of the Prime Minister’s Relief Package on the current targeted subsidy (PMT–40) with the suggested updated price and subsidy and for the package to be extended past (June 30, 2024), until (July 31, 2024), based on the utilization of the subsidy, or until the proposed package on modifying the current focused on subsidy model and prices is approved. Additionally, the approval of a (1.25 per cent) changeover tax rate on the Federal Bureau of Revenue subsidy from the planned amount of subsidy for the fiscal year (2024–2025) was asked from the Economic Coordination Committee (ECC).
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