ECC Approves Gilgit - Baltistan's Wheat Subsidy

 ISLAMABAD: Amid ongoing unrest in Gilgit-Baltistan over a month-long rise in wheat prices, the Economic Coordination Committee (ECC) of the Cabinet on Thursday cut the budget of some major ministries and continued providing subsidies to the people of the region. Agreed to keep. Review of IMF's strict conditions on subsidies. 

In the meeting presided over by Caretaker Finance Minister Dr. Shamshad Akhtar, the transition from London Interbank Offer Rate (Labor) to Secured Overnight Financing Rate (SOFR) in electricity contracts was also approved. 

In the meeting, the issue of sustainable planning to correct subsidized wheat prices in Gilgit-Baltistan was discussed. The people of the region have been protesting against the increase in prices for almost a month after the federal government reduced the wheat subsidy.