ECC orders NPMC to guarantee price stability

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The Economic Coordination Committee (ECC) has directed the National Price Monitoring Committee (NPMC) to continue coordinating with provincial governments to ensure price stability and prevent hoarding and profiteering. This decision was made during a meeting of the cabinet committee presided over by Caretaker Federal Minister for Finance, Revenue, and Economic Affairs, Dr. Shamshad Akhtar. The committee also approved the budget for the Employee Old Age Institution (EOBI) and discussed the approval of the TAPI project under the Foreign Investment (Promotion and Protection) Act, 2022 (FIPPA). Additionally, the committee approved principles for settling capacity deduction issues of imported coal based projects and executing a side agreement with Port Qasim Electric Power Company. The committee praised EOBI for its recent increase in contribution collection and directed them to follow the budget calendar and prepare a long-term plan to clear the Rs.2 trillion liabilities of pension dues. The committee also emphasized the importance of launching the TAPI project without delay, although further deliberations and examination of legal aspects, incentives, and concessions under the FIPPA Act are required.

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