ECC approves 12 supplementary grants

ISLAMABAD: The Economic Coordination Committee (ECC) has approved 12 supplementary grants to different government departments, ARY News reported on Wednesday.

The supplementary grants were approved in the ECC session chaired by the finance adviser Abdul Hafeez Shaikh. The committee reviewed the recommendation to import 15 million barrel oil on different prices for the next one to two years.

A committee was formed under the supervision of petroleum adviser Nadeem Babar to finalise summary for the estimation of oil prices. The summary stated to make payments of oil imports into 12 instalments. It also stated that the imported oil rates would be different stock prices as compared to Brent oil.

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The committee also decided to the final rationalisation of the labour-power of the Pakistan Steel Mills (PSM). The finance adviser directed to finalise preparations for the payment of dues, golden shake hand to the PSM employees.

Moreover, the committee decided to issue Rs23 billion to independent power producers (IPPs) under the summary approved for the payment of Rs43.7 billion. The remaining amount will be paid after reviewing the claims of the power producers.