Pakistan

ECC approves Rs41 bn loan repayment for power sector

ISLAMABAD: The Economic Coordination Committee of the federal cabinet on Wednesday approved funds for the provision of loans and interest for the power sector amounting to Rs41 billion.

The proposal by the Ministry Ministry of Water and Power called for provision of a government guarantee by the Ministry of Finance for syndicated term finance facility for the power sector

The amount will be utilised to fund the repayment liabilities of the Distribution Companies through arrangement with Power Holding Private Limited.

The meeting chaired by Finance Minister Ishaq Dar also approved Rs864 million for the Printing Corporation of Pakistan to procure new printing machines as required by the Election Commission of Pakistan for the general election in 2018.

ECC also approved the proposal of Ministry of Commerce to extend the deadline for export of sugar from May 31 til July 31, 2017. It also directed the relevant ministries to ensure price stability especially during the holy month of Ramazan.

ECC approved the exemption from the payment of General Sales Tax (GST) for the German development agency GIZ over goods purchased by the agency to support the development activities carried  in Pakistan. This exemption shall also be available on procurement of services by GIZ in Islamabad Capital Territory.

The ECC approved with full consensus a proposal of Ministry of Industries and Production for not deregulating the price of sugarcane.

It also accorded to allocate up to 10 MMCFD gas from Tolanj field in district Kohat to Sui Northern Gas Pipelines Limited (SNGPL), and 2.9 MMCFD gas from Khamiso-01 well located in district Ghotki to Engro Fertilizer.

ECC also granted post-facto approval for payment of one month’s salary to the employees of Pakistan Steel Mills Corporation (PSMC) for the month of February 2017. The move was anticipated by chairman ECC as the month of Ramazan commenced in the last week of May 2017.

The committee directed that the salary of PSM employees for the month of March 2017 to be disbursed before the last week of June, keeping in view the occasion of Eid-ul-Fitr.

 

ECC also approved to revised pay packages for the employees of Public Sector Development Programme (PSDP) funded projects. It also agreed for amendments in the support package for provision of power for the industrial sector.

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