ECC Orders Audit of Rs 2.7bn on Islamabad’s SCO Beautification
ECC orders audit of Rs2.7 billion spent on Islamabad's beautification for the SCO summit, approves electricity rate hike to tackle circular debt, and finalizes oil trade deal with Azerbaijan.
The Economic Coordination Committee (ECC) has called for a third-party audit to review the Rs2.7 billion spent by city officials on beautifying Islamabad for the Shanghai Cooperation Organization (SCO) summit. This decision follows concerns over the transparency of the expenditure.
Additionally, the ECC has approved an electricity rate hike that will increase consumer bills by Rs36 billion. This rate adjustment is part of a broader initiative to reduce the power sector’s circular debt, which has reached Rs2.39 trillion.
The meeting also addressed the steep rise in essential item prices, with pulses and chicken prices surging by up to 83%, despite favorable economic conditions. The government’s ability to control inflation is under scrutiny as costs continue to rise for basic goods.
In other decisions, the ECC gave the green light for Pakistan State Oil (PSO) to sign a long-awaited sale-purchase agreement with Azerbaijan’s Socar, enabling preferential oil trade. This agreement had been stalled for nearly seven years.
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