ISLAMABAD: Rs 1,381 billion were approved by Economic Coordination Committee (ECC) four technical supplementary grants with major chunk of the approved grant goes to Special Security Division Phase 1 with Rs 1148.3 billion and Special Communication Organizaton (SCO) Rs 46.822 billion.
The ECC meeting held here Thursday with Adviser to the Prime Minister on Finance and Revenue Dr. Abdul Hafeez Shaikh in the chair.
The ECC gave final nod to grant given to four projects in which the bulky project of Special Security Division (SSD) (South) Phase-I, was of Rs.11483 million
, while another project of Special Communication Organization (SCO) amounting 468.212 million.
The other two projects nodded by ECC were Federal Public Service Commission amounting to Rs 160 million, achievement of Sustainable Development Goal Program amounting to Rs 1700.00 million.
A proposal was moved by the Power Division for funding to the Power sector from the economic relief package for mitigating the effect of shortfall in the recoveries due to reduced demand of energy and late recoveries amid COVID-19 outbreak. The funds are required for covering up the fixed costs of the sector.
ECC set up a committee constituting of Secretary Finance, Secretary Power and Adviser to PM on Austerity and Institutional Reforms to see the impact of slowdown of economic activity on Power Sector and firm up the TORs and mechanism that will assist in providing relief to the sector.
ECC approved the appointment of valuator for Pakistan Energy Sukuk phase II (Rs.200 billion) as the company had already done an extensive exercise of valuation of multiple government assets.
On the request by the Power Division for a Syndicated Term Finance Facility of Rs 100 billion, the request was referred to Secretary Finance/ Chairman PPRA for facilitation on the matter.
ECC approved the deferment of monthly and quarterly fuel adjustments in the electricity bills of the consumers till June 2020. The whole exercise will have a total impact of Rs. 151 billion on the Government.
ECC also approved making MD SNGPL a member of Price Negotiation Committee for TAPI (Turkmenistan, Afghanistan, Pakistan, Iran Gas Pipeline).
In order to cover up the losses incurred by PSO and Oil Sector due to devaluation of Pakistani rupee, ECC in principal agreed to a maximum of 60 days period for the adjustment of exchange gain or loss w.e.f 1-3-2020 and directed the Power Division to resolve the issue in consultation with Finance Division.
On the proposal sent by the Ministry of Energy regarding liquidity requirements of Pakistan State Oil, which has huge outstanding receivables from different Government sector organizations and is experiencing slow recoveries due to the ongoing pandemic, ECC directed Secretary Finance to consult with Power Division and help in retirement of some of the liabilities of PSO for running its business in this difficult situation.
On the Proposal moved by the Ministry of Maritime Affairs, ECC approved the KPT Board Resolution for extension in existing free period from 5 working days to 15 working days for cargo/containers landing with effect from 25-3-2020 till 30-4-2020.Read more:
Read more: Pakistan gets extension in FATF deadline amid coronavirus pandemic
