ISLAMABAD: The Economic Coordination Committee (ECC) of the Cabinet is scheduled to meet on Thursday (Aug 29) and will consider the proposal for revision in home remittances incentives schemes.

Federal Minister for Finance and Revenue, Senator Muhammad Aurangzeb will chair the meeting which will consider several agenda items. These include: (i) Chakdara-Timergara, 39 kms (section-I) road project (N-45); (ii) (execution of frame-work agreement between China and Pakistan on realignment of KKH (Thakot-Railkot) under China-Pakistan Economic Corridor (CPEC) and (iii) proposals for revision in home remittances incentives schemes.

July remittances grow 48pc to $3bn YoY

Prime Minister Shehbaz Sharif paid an official visit to China from June 4 to June 8, 2024, where the two sides recognised that the Karakoram Highway (Raikot-Thakot) realignment project is of great significance for the smooth operation of the only land-based channel between Pakistan and China.

The two sides reviewed with satisfaction the important progress made in the preliminary work of the project, and signed the framework agreement of the project during this visit.

Executive Committee of the National Economic Council (ECNEC) cleared the re-alignment of KKH between Thakot and Raikot at a rationalised cost of 13.067 billion RMB on June 29, 2024.

Sources revealed that in dollar terms, the KKH project cost is around $2 billion and third major road infrastructure project under CPEC, following the Multan-Sukkur motorway and the Havelian-Thakot section of the KKH.

Copyright Business Recorder, 2024