ISLAMABAD – The Economic Coordination Committee (ECC) has approved changes to the procedure for importing vehicles, increasing the allowed import age from two years to three years.
The ECC meeting, chaired by Federal Finance Minister Muhammad Aurangzeb, included a briefing by the Power Division on the upcoming fiscal year’s circular debt plan. The committee instructed measures to improve financial sustainability and performance in the power sector and directed the Power Division to prepare a medium-term plan to gradually reduce financial support.
Changes to vehicle import procedures were approved, including safety and environmental standards for imported vehicles, and the import period was extended from two to three years. It was decided that imported vehicles cannot be transferred to another owner for one year.
The committee decided to maintain the residence transfer and gift schemes and approved a 5–10% adjustment in profits for petrol companies and dealers. Half of the profit increase will be immediate, while the other half will depend on the progress of digitization, and the Petroleum Division was directed to submit a progress report by 1 June 2026.
The meeting also approved a ban on the import of chloroform, allowing it only for pharmaceutical companies with a permit from the National Regulatory Authority.
A gas concession request from a glass manufacturing company was rejected, while an additional allocation of PKR 128 crore was approved for the Pakistan Digital Authority. Additional funds were also approved for development expenditures of the Cabinet Division.
The ECC allocated PKR 5 billion for the Housing and Construction Division, approved the creation of a special company to close PASCO and settle liabilities, and finalized its administrative and financial arrangements.
Principle approval was also given for budget allocation for pensions and medical expenses for PIA Holding Company Limited.
