Planning Commission proposes cut in interest rate
Planning Commission recommends keeping currency stable
The Monetary and Fiscal Policies Coordination Board met ahead of the SBP-led monetary policy committee meeting, which is going to review the interest rate for next two months. PHOTO: PID
ISLAMABAD:
The Planning Commission on Thursday recommended to a high-powered board to cut interest rate to stimulate the economy and also did not favour any further rupee depreciation, saying previous fall in the currency’s value did not help exports.
The recommendations were made to the Monetary and Fiscal Policies Coordination Board, chaired by Finance Minister Dr Abdul Hafeez Shaikh, according to sources. State Bank of Pakistan (SBP) Governor Dr Reza Baqir was also among the participants.
The ECC “endorsed” Rs739 billion Karachi Transformation Plan (KTP) and allowed revision in the Master Plan for five terminals at Port Qasim. ─ Photo courtesy Farooq Soomro
ISLAMABAD: The Economic Coordination Committee (ECC) of the Cabinet on Thursday “endorsed” Rs739 billion Karachi Transformation Plan (KTP) and allowed revision in the Master Plan for five terminals at Port Qasim. The committee also approved in principle the launch of $500 million international bond by Wapda.
The meeting of the ECC presided over by Finance Minister Dr Abdul Hafeez Shaikh also ordered shelving three LPG air-mix plants in Chitral and allowed duty and tax free import of oxygen tanks for Covid-19 patients.