ECC okays Rs 70.48bn for hydropower projects

ISLAMABAD: The Economic Coordination Committee (ECC) of the federal cabinet approved Rs 70.48 billion for hydropower projects, ARY News reported.

Minister for Finance and Revenue Senator Muhammad Aurangzeb presided over a meeting of the ECC that approved several proposals from various government ministries and divisions.

The ECC okayed Rs70,484 million for the Ministry of Water Resources as cover for hydropower projects.

The cabinet’s committee also approved the summary presented by the Ministry of Aviation to allow the utilisation of $8 million available with the National Bank of Pakistan to pay severance and other operational expenses of the Roosevelt Hotel.

The ECC allowed the request of the Industries and Production Division for the release of Rs2,159.53 million from already approved budgeted allocation, to pay gas bills of Pakistan Steel Mill (PSM).

The ECC also considered the summary of Finance Division to make amendments in policy for equity investment abroad to facilitate IT exports.

The ECC considered and approved proposals for Technical Supplementary Grants including Rs1,027.378 million to the Earthquake Reconstruction and Rehabilitation Authority for clearing matured liabilities of the contractors; Rs6.2 million to the Ministry of Interior, to be paid to the family of deceased; Rs 54.490 million to the Ministry of Interior as surrendered by Ministry of National Food Security and Research for the project of ICT Administration, Islamabad; and Rs12,036.103 million to the Ministry of National Health Services, Regulations and Coordination, in favour of Federal Directorate of Immunization (FDI).

The other approvals included Rs 2,217 million to the Power Division for development expenditures during current fiscal year; Rs 184.50 million to the Pakistan Nuclear Regulatory Authority; and Rs $2.58 million and Rs2.5 million to the Ministry of Water Resources as the compensation packages for Chinese and local casualties at DASU Hydropower Project.

The meeting was attended by the Minister for Power Sardar Awais Ahmad Khan Leghari, Minister for Industries & Production Rana Tanveer Hussain, Minister for Economic Affairs Mr. Ahad Khan Cheema, Minister of State for Finance & Revenue Mr. Ali Pervez Malik Governor SBP, Chairman SECP, Federal Secretaries, and other senior officials of the relevant ministries.