ECC approves Rs1.3 billion for salaries to PSM employees

ISLAMABAD: The Economic Coordination Committee (ECC) approved a summary of Ministry of Industries & Production (MoIP), allowing the payment of projected net salary of Rs. 1.3 billion for the Financial Year 2022-23 to be disbursed every month to Pakistan Steel Mills (PSM) employees through a technical supplementary grant.

According to details, the summary was approved in ECC of Cabinet meeting Chaired by Federal Minister for Finance and Revenue Senator Ishaq Dar. This decision will ensure the disbursement of monthly salaries to the employees.

During the meeting, Ministry of Commerce presented a summary of amendment in Import Policy Order 2022 to allow the import of the Holy Quran subject to NOC from the relevant Federal or Provincial Authority.

The summary was presented in the light of the directions of the honourable Lahore High court (LHC) and Balochistan High court (BHC) directing the federal and provincial authorities to ensure only error-free printing, publishing, recording and import of copies of the Holy Quran.

The proposed amendment of import of the Holy Quean was subject to NOC. The ECC after discussion approved the proposal.

The ECC also approved another summary of Ministry of Commerce seeking amendment in the earlier decision of the ECC dated 25-07-2022 on Regionally Competitive Energy Rates for Export Oriented Sectors during FY 2022-23 and allowed amendment that “the electricity tariff will be effective from 1st August, 2022, whereas RLNG tariff will be effective from 1st July, 2022.”

The ECC considered a summary of Petroleum Division and allowed to grant a Development and Production Lease (D&PL) for (15) fifteen years w.e.f 15-01-2022 over Kandhkot Mining Lease area on existing Gas Price and subject to the condition that M/s PPL will pay all the financial obligations in accordance with Petroleum Policy 2012.

Kandhkot discovery was made by PPL in 1959. The Government granted the mining lease over Kandhkot Gas field for a period of 30 years in 1962 which was renewed for further thirty years in 1992.

It allowed payment of projected net salary of over 1.3 billion rupees for Pakistan Steel Mills (PSM) employees. The ECC also approved Technical Supplementary Grants of Rs. 30,888.5 million in favour of Defence Division and Rs. 1000 Million for Ministry of Housing and Works.