Boasting of economic stability, ECC approves Rs44bn grants

Based on a few datasets, the government claimed the effectiveness of its policies towards macroeconomic stability on Wednesday and approved about Rs 44 billion in supplementary grants, including those meant for advertising such achievements. In an unusual move, the opening part of the meeting of the Economic Coordination Committee (ECC) of the Cabinet was aired live on television channels for Finance Minister Muhammad Aurangzeb to boast about the current account surplus, lower inflation on the back of high base effect, higher sales of cement, fertilisers, automobiles and petroleum products besides improving business confidence. The minister said the 10-year high $944 million current account surplus in the first five months was achieved on the back of 35pc surge in remittances, 33pc in technology exports and 31pc increase in Roshan Digital Account without taking away anything from traditional exports.