ECC may update remittances scheme
Terms of reference and composition of the steering committee indicate that the government now seems serious about CPEC after putting the multibillion-dollar initiative on the back burner. PHOTO: FILE
The Economic Coordination Committee (ECC) of the Cabinet will review a three-point agenda today (Wednesday), including the approval of a proposal to revise the Home Remittances Scheme to increase remittances.
The ECC meeting will be held at 2pm under the chairmanship of Federal Minister of Finance Muhammad Aurangzeb. It is also likely to approve the 39-kilometer-long Chakdara-Timergara road project.
Additionally, approval for implementing the framework agreement between Pakistan and China for the re-alignment of Thakot-Raikot under the China-Pakistan Economic Corridor (CPEC) project is also expected in the meeting.
The home remittances scheme refers to a programme or initiative designed to facilitate and encourage the transfer of money by overseas workers to Pakistan.
This scheme includes incentives, reduced fees, and streamlined processes to make it easier and more attractive for expatriates to send money back to their families or for investment in their home country.