Islamabad: The Economic Coordination Committee (ECC) of the Cabinet has approved revisions to two major remittance incentive schemes following recommendations from the State Bank of Pakistan (SBP) and authorized the advancement of significant infrastructure projects under the China-Pakistan Economic Corridor (CPEC). Chaired by Senator Muhammad Aurangzeb, the committee’s decisions are poised to adjust economic incentives for banks and exchange companies, and progress developmental initiatives.

According to Zameen.Com, the ECC has modified the Telegraphic Transfer (TT) Charges Scheme to include a fixed reimbursement of SAR 20 for transactions over USD 100 and a variable component rewarding increased remittance flows, with total benefits potentially reaching SAR 35 per transaction. These changes are designed to motivate banks to boost remittance volumes while managing government expenses on reimbursements. For exchange companies, the revised incentive scheme now offers a higher base rate and a performance-linked variable payment, encouraging greater foreign exchange inflows amidst the Pakistani Rupee’s depreciation.

Furthermore, the ECC moved forward with two crucial CPEC-related road projects. It greenlit the realignment of the Karakoram Highway’s Thakot-Raikot section and the procurement of consultancy services for the Chakdara-Timergara Road Project. These infrastructure endeavors are expected to enhance connectivity and support economic growth in the region.