ECC grants approval to Pakistan’s membership in BRICS' New Development Bank (NDB)
The Economic Coordination Committee
(ECC) has approved Pakistan’s membership in the New Development Bank (NDB),
established by BRICS nations, greenlighting the purchase of 5,882 capital
shares valued at $582 million, with $116 million as paid-in capital.
“The ECC endorsed Pakistan’s entry
into the NDB, a multilateral development bank focused on financing
infrastructure and sustainable development projects in emerging markets and
developing countries (EMDCs),” the Finance Division stated.
Founded in 2015 by BRICS
members—Brazil, Russia, India, China, and South Africa—the NDB aims to mobilize
resources to support development projects in growing economies. BRICS is
actively seeking to reshape the global financial order to reflect the interests
of emerging nations.
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Pakistan had formally applied for
BRICS membership in November last year. “As a developing nation committed to
inclusive multilateralism, Pakistan believes it can contribute meaningfully to
this group,” a Foreign Office spokesperson stated at the time.
Other
Key Decisions
During the meeting, the ECC also
approved the incorporation of an International Joint Trading Company in
Singapore, a partnership between Pakistan State Oil (PSO) and the State Oil
Company of Azerbaijan Republic (SOCAR). The Ministry of Petroleum was directed
to ensure due diligence in investment approvals, equity injections, and the
operational timeline.
Additionally, the ECC approved a
proposal from the Ministry of Commerce to include new Pakistan Standards and
Quality Control Authority (PSQCA) mandatory items in the Import Policy Order
(IPO) 2022, integrating specific PVC and polymer-based products into regulatory
compliance.
The committee also sanctioned the
transfer of shares of power distribution companies (Discos) to the President of
Pakistan, subject to confirmation that it would not have financial
implications.
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Financial
Approvals
To support ongoing development
initiatives, the ECC approved several Technical Supplementary Grants (TSGs),
including:
- Rs19.15 billion under the Finance Division for 133
Public Sector Development Program (PSDP) projects previously managed by
the defunct Pakistan Public Works Department (Pak-PWD). The funds will now
be distributed among relevant ministries, divisions, and provincial
governments.
- Rs5.36 billion for the Ministry of Housing and Works to
implement Sustainable Development Goals (SDGs) schemes—Rs4.25 billion
allocated for Sindh and Rs1.11 billion for Khyber Pakhtunkhwa.
- Rs1.914 billion for NADRA’s FATA TDP-ERP (KP-CCDSP)
Project to transition 43 Citizen Facilitation Centers (CFCs) in Khyber
Pakhtunkhwa. The Economic Affairs Division surrendered the funds, with the
allocation recorded under the Interior Division, ensuring no additional
financial burden on the government.
- Rs500 million for the Ministry of National Health
Services, Regulations & Coordination (NHSR&C) for procuring
life-saving medicines and vaccines. The committee directed the ministry to
establish a structural solution for future payments of related expenses.
- Rs84 million for the President’s Secretariat (Public)
to replace outdated official vehicles. The funds will be used to procure
two Hino Coaster mini-buses and three Toyota Hiace vans under a phased
replacement plan.
These approvals reflect the ECC’s
commitment to financial and economic restructuring while ensuring the country’s
participation in global development initiatives.
Source: The News