Tuesday, June 28, 2022

ECC forms committee to end circular debt of petroleum division

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ISLAMABAD: Adviser to the Prime Minister on Finance Dr. Abdul Hafeez Shaikh chaired a meeting of the Economic Coordination Committee (ECC) of the cabinet on Wednesday, ARY News reported.

According to sources, the ECC established a committee to get rid of whooping Rs 1008 billion circular debt of the petroleum division.

The committee is comprised high officials of Petroleum Ministry, Securities and Exchange Commission of Pakistan (SECP), Oil and Gas Regulatory Authority (OGRA) and other stakeholders, the sources said, adding that the committee will present its report within 30 days.

Moreover, the ECC meeting approved Rs1 billion grant for Hajj-2018 expenses and Rs5.8 million grant for Anti-Narcotics Force (AFN).

The meeting also okayed the last tranche of Rs433 million for Broadsheet, a company hired by NAB in Musharraf era for tracking down the offshore assets of Nawaz family.

Read More: ECC approves tax relief for telecom sector

Earlier on October 29, the Economic Coordination Committee (ECC) of the Cabinet had approved in principle the proposal aimed at facilitating the telecom sector by the waiver of certain taxes.

“In order to facilitate the Telecom sector by the waiver of certain taxes, ECC decided that the proposal may be granted approval in principle,” a press statement had said.

Adviser to the Prime Minister on Finance Dr. Abdul Hafeez Shaikh had chaired the meeting of the Economic Coordination Committee (ECC) of the Cabinet here at the Cabinet Division.

 

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