ECC Approves Rs2 Billion Grant to Settle Media Dues

The Economic Coordination Committee (ECC) has greenlit multiple financial allocations, including a Technical Supplementary Grant (TSG) amounting to Rs2 billion from the Ministry of Information and Broadcasting’s designated budget of Rs5.6 billion.

According to an official statement, these funds are intended to settle overdue payments for media advertisements. The approvals were granted during an ECC meeting held on Friday, presided over by Federal Minister for Finance and Revenue, Senator Muhammad Aurangzeb.

Besides the media-related grant, the ECC also sanctioned a TSG worth Rs430 million for the Ministry of Defence. This funding will be utilized for implementing SAP initiatives in Punjab during the ongoing fiscal year.

Additionally, the committee approved Rs250 million as paid-up capital from the government to support the Jinnah Medical Complex & Research Centre (JMC&RC) in Islamabad. This investment aims to facilitate the creation of a 1,000-bed academic medical institution. However, the ECC directed JMC&RC to provide a comprehensive report detailing planned expenditures and activities before seeking further financial support.

Moreover, the ECC reviewed a Finance Division proposal concerning the gradual withdrawal of the State Bank of Pakistan’s (SBP) long-term financing facility (LTFF) for Exim Bank. It was decided that SBP’s Rs330 billion LTFF portfolio would be incrementally transferred to Exim Bank. To facilitate this transition, an initial allocation of Rs1 billion via a TSG has been approved to subsidize LTFF for the fiscal year 2025.