ECC approves Rs2 billion for media advertisement dues

The Economic Coordination Committee (ECC) of the Cabinet has approved Rs2 billion for the information ministry to pay off outstanding advertisement debts to media organizations. This decision was announced in a press release from the finance division. Earlier this month, the Lahore High Court wanted responses from the federal and Punjab governments about the absence of a clear policy on official advertisements. This issue arose during a hearing involving a petition against media ads featuring Prime Minister Shehbaz Sharif and Punjab Chief Minister Maryam Nawaz. During a meeting led by Finance Minister Muhammad Aurangzeb, the ECC reviewed a request from the Ministry of Information and Broadcasting. They approved a technical supplementary grant for Rs2 billion from a budget of Rs5.6 billion. The funds will be used to settle payment obligations to media houses. The ECC also approved Rs430 million for the Ministry of Defence to support Sustainable Development Goals Achievement Programme schemes in Punjab for the current year. Furthermore, the committee allocated Rs250 million as capital for the Jinnah Medical Complex and Research Centre. This money will help establish a new 1,000-bed medical center in Islamabad. The ECC instructed the Jinnah Medical Complex to provide detailed financial reports on how the funds will be spent before requesting any additional money. They also discussed phasing out the State Bank of Pakistan's long-term financing facility to the Exim Bank, with Rs1 billion set aside to meet subsidized requirements for the new fiscal year. In a previous meeting last month, the ECC approved Pakistan's membership in the New Development Bank created by the BRICS nations. They also mandated the transfer of shares of all power distribution companies to the President of Pakistan, a necessary step for the country's financial commitments over the past three decades.