ECC approves 3 months’ salaries for Pakistan Steel Mill employees

ISLAMABAD: The Economic Coordination Committee has on Thursday approved three months’ salaries i.e. for the months of June, July and August, 2016 for employees of the Pakistan Steel Mill.

The decision was taken at a meeting chaired by Minister for Finance Senator Ishaq Dar at the Prime Minister’s Secretariat.

The meeting improved upon the previous practice of approving two months salaries, and instead approved provision of 3 months salaries for the employees of the PSM keeping in view the hardship of employees’ families.

DEMAND AND SUPPLY OF GRAM PULSE

The Ministry of National Food Security and Research gave a detailed presentation regarding supply position of grain pulse and its prices in the international market.

The Chair directed the ministry to monitor supply position and prices of gram pulse to cater the country’s demand. ECC also asked the ministry to co-ordinate with the provincial governments for ensuring price control and steady supply of gram pulse in the market.

POWER SECTOR FINANCES

The ECC of the Cabinet approved issuance of sovereign guarantee in respect of Syndicated Term Finance Facility amounting to Rs. 136.5 billion for the power sector.

The decision was taken on the request of the Ministry of Water and Power as the Power Holding (Private) Limited is a public sector entity, and will be responsible for arranging loan amounting to Rs. 136.5 billion for power sector companies.

REPLACEMENT OF PETROLEUM

ECC allowed Ministry of Petroleum and Natural Resources for replacement of Lower Zakum crude price with Das Blend crude price to determine basket price for oil refineries.

The ministry apprised the ECC that previously the Lower Zakum crude oil was included for determining basket price of crude being supplied to oil refineries in Pakistan.

The Platts Global Alert has stopped publishing the price of the Lower Zakum crude oil and so the requisite replacement was accorded.