ECC to mull issuance of Eurobonds for Mohmand, Diamer Bhasha dams

ISLAMABAD: Finance Minister Abdul Hafeez Shaikh has summoned a meeting of the Economic Coordination Committee (ECC) tomorrow to discuss a six-point agenda including the issuance of Eurobonds for Mohmand and Diamer Bhasha dams, ARY News reported on Tuesday.

It is likely that the Economic Coordination Committee (ECC) will give approval to the Karachi Transformation Plan in the forthcoming meeting. The committee deferred the matters related to the Karachi Transformation Plan in its previous two sessions.

The committee is also likely to approve a technical supplementary grant worth Rs500 million for the Ministry of Housing and Works.

Moreover, the ECC will deliberate upon the approval of issuing $500 million worth Eurobonds for Mohmand and Diamer Bhasha dams.

Read: ECC approves mobile device manufacturing, electric vehicle policy

The Ministry of Maritime Affairs will raise matters related to the construction of a new terminal at seaport on the basis of build-operate-transfer (BOT) contract.

The ECC members will also mull over matters related to loans and financial needs of the Gas Infrastructure Development Cess (GIDC) Government Holding Limited

Earlier on December 16, the Economic Coordination Committee of the Cabinet had approved Mobile Device Manufacturing and Electric Vehicles Policy for two and three-wheelers.

The forum had approved the removal of withholding tax of 4 percent on manufacturing to retailers of locally manufactured phones and removal of Sales Tax on locally manufactured phones.

Read: ECC okays gas supply to PSM; ends regulatory duty on cotton import

The Finance Minister had directed to provide first load of the additional quantities to both AJ&K and USC on priority as an interim arrangement to ensure smooth supply of wheat across the country.

The ECC had approved the following technical supplementary grants, Rs219.300 million for the operationalization of the newly established Isolation Hospital and Infections Treatment Centre, Islamabad, Rs305.462 million to payoff Pakistan’s annual contribution to World Health Organization (WHO), Rs106.775 million to the ICT Administration for various projects, Rs706.82 million for FATA, temporary displaced persons, Emergency Recovery Project, NADRA, Rs278 million for Annual Contribution of Pakistan to UNFA, PPD & IPPF-FPAP for FY-2018-19, 2019-20 & 2020-21, Rs.53.10 million for procurement of medical equipment, machinery and medicines to combat COVID-19.