ECC Revises Incentive Schemes to Boost Remittances, Approves Key CPEC Projects

Islamabad: The Economic Coordination Committee (ECC) of the Cabinet has recently approved significant revisions to two remittance incentive schemes, aiming to increase the inflows of remittances through enhanced rewards for banks and exchange companies. This move is expected to bolster Pakistan’s foreign exchange reserves by encouraging greater remittance contributions.

According to Ministry of Information and Broadcasting, the ECC, chaired by Finance Minister Muhammad Aurangzeb, endorsed these changes to foster a competitive environment among financial institutions, thus potentially increasing their effectiveness in mobilizing remittances. Additionally, the committee sanctioned a bilateral agreement between China and Pakistan for the realignment of the Thakot-Raikot section under the China-Pakistan Economic Corridor (CPEC) and approved the construction of the Chakdara-Timergara Road Project, further enhancing infrastructural development within the country.

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