ISLAMABAD: The Economic Coordination Committee (ECC) of the Cabinet has asked the Employees’ Old-Age Benefit Institution (EOBI) to devise a comprehensive plan to clear the Rs2 trillion dues of pensioners.

The decision was made during the ECC meeting, which was presided over by Caretaker Finance Minister Shamshad Akhtar, which approved the budget for the EOBI.

EOBI Chairperson Ms Naheed Durrani gave a comprehensive presentation to the ECC to highlight its performance.

The ECC was informed that EOBI’s contribution collection had remained stagnant during past years but had recently witnessed a substantial increase of around Rs100bn. The ECC appreciated EOBI for its good performance and directed it to follow the budget calendar and prepare a long-term plan to clear the Rs2tr liabilities.

It is worth noting that EOBI was praised for its performance for increased collection, owing primarily to an increase in employee contributions, while there is no clear plan in place to clear the surging pension dues.

The ECC also directed the National Price Monitoring Committee to continue regular coordination with the provincial governments for measures to ensure price stability and to check hoarding and profiteering.

The direction was given following a presentation by the Pakistan Bureau of Statistics on the inflation situation and the latest price trends of various essential commodities across different cities. There is a marked difference in retail prices in markets and district deputy commissioners’ price lists. The gap in prices can be minimised through administrative measures.

The ECC meeting observed that the proposal to include TAPI project as a Qualified Investment Incentive Package under the Foreign Investment (Promotion and Protection) Act 2022 (FIPPA) required further deliberation and examination of the legal aspects, incentives and concessions. The forum, however, observed that it was a much-needed project and should be launched without delay.

The meeting approved the principles for the settlement of capacity deduction issues of imported coal-based projects and subsequent execution of side agreements with Port Qasim Electric Power Company as proposed by the Power Division.

Published in Dawn, December 29th, 2023