ECC approves agreement with K-Electric for clearance of dues: sources

ISLAMABAD: Economic Coordination Committee (ECC) meeting headed by Finance Minister Shaukat Tarin on Friday approved an agreement with the K-Electric for clearance of its dues, ARY NEWS reported.

According to details, the meeting mulled over a 12 point agenda including recommendations for clearance of receivables and payables with K-Electric and decided to give go-ahead for signing an agreement with the sole power distributor in Karachi in this regard.

The meeting decided to defer a summary allowing approval of funds for the second phase of the Ehsaas Emergency Cash program for the next meeting.

“The agenda regarding exemption of turnover tax in special economic zones was also deferred,” the sources having knowledge of the ECC proceedings said.

The meeting approved an allocation of gas from Well NF HOR-1 to third parties, allocation of additional funds during the ongoing fiscal year (2020-21) in respect of development schemes of Ministry of Housing and Works, and TSG of Rs 85 million for payment of court fee in a case by Ministry of Industries and Production.

Furthermore, a Petroleum Division’s proposal for approval of TSG during the current fiscal year for the supply of gas to Allama Iqbal Industrial City Special Economic Zone (SEZ) and Ministry of Defense and Production summary for approval of Technical Supplementary Grant (TSG) to the tune of Rs100 million from Development Budget of Ministry of Defence Production for Project Management Cell for Gwadar Shipyard was also approved by the ECC in its meeting today.