Islamabad June 16 2021: ECC approved USD17.3m for PIA-IL for payment of recurring as well as one-off liabilities in respect of Roosevelt Hotel New York, USA, as verified by the Auditor and recommended by PIA-IL Board. ECC also directed that Finance, Privatization Commission, PIA/Aviation Division should consult with each other and propose a strategy in a month’s time for deciding the future of the asset.
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PSX Allows Defaulter Company To Issues Right shares For Paying Sponsor Loan
ECC approved the summary of Ministry of Energy (Petroleum Division) for allowing operational losses upto a maximum of 0.5% for gasoline transportation through WOP & MFM pipelines through Inland Freight Equalization Margin (IFEM). The same will be adjusted against actual based on physical inventory of pipelines to be undertaken periodically. The actual rate will be determined by OGRA based on actual losses and excess margin would be brought before ECC.
ECC also approved the request of Ministry of National Food Security & Research for import of 3 million ton of wheat subject to approval by PPRA Board for building up the strategic reverses of wheat in the country.
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Govt raises PKR 1,140 billion through T-bills auction
Federal minister for finance and revenue, Mr. Shaukat tarin, chaired the meeting of the economic coordination committee (ECC) of the cabinet today. Federal Minister for Energy Hammad Azhar, Federal Minister for Railways Azam Sawati, Federal Minister for Economic Affairs Division Omar Ayub Khan, Federal Minister for Maritime Affairs Ali Haider Zaidi, Federal Minister for National Food Security & Research Syed Fakhar Imam, Federal Minister for Privatization Muhammad Mian Soomro, Adviser to the Prime Minister on Commerce Abdul Razak Dawood, Adviser to the Prime Minister on Institutional Reforms and Austerity Dr. Ishrat Hussain, SAPM on Power Tabish Gauhar, SAPM on Finance and Revenue, Dr. Waqar Masood, Governor State Bank of Pakistan Dr. Reza Baqir, concerned Federal Secretaries and senior officers participated in the meeting.
ECC approved the request of Ministry of National Food Security and Research for the provision of 500,000 ton of wheat to the Government of Khyber Pakhtunkhwa out of PASSCO stock during the crop year 2021-22 on the usual terms and conditions. All charges, including incidental charges will be borne by the Food Department, KP. Similarly, 500,000 ton imported wheat was also allocated to Food Department, KP to meet the provincial requirement.
ECC approved the “Policy for Regulation of NGOs/NPOs receiving Foreign Contributions-2021”. The NGO Policy, 2021 has been designed with the aim to fostering a sense of partnership between government and non-government sectors. Furthermore, under the new policy approval process (for registration) will be completed within 60 days, maximum, through online submission of application and consultation, doing away with manual processing and eliminating long delays. The new policy seeks to expand space for credible organizations for a playing an effective role in socio-economic development while detering NGOs with dubious credentials. ECC appreciated the efforts of Economic Affairs Division for designing the much needed policy and directed that any further suggestions/positive feed back from all the relevant stakeholders may also be incorporated in the policy and a report on the same may be shared with the forum in 4-8 weeks.
The following Technical Supplementary Grants were approved by the ECC: i) PKR1.370 billion for the Finance Division to provide wheat subsidy to the Government of Gilgit Baltistan. ii) PKR32.097 million for the Ministry of Industries and Production to meet the expenditure of its various Organizations. iii) PKR1.6 billion for the Ministry of Industries and Production for clearing the bill of SNGPL for the month of May 2021. iv) PKR274.161 million for the Ministry of Information and Broadcasting to meet the shortage of budget of PTV Multan, AJK, English News Channel and APPC. v) PKR570 million for the Ministry of Interior for Security enhancement at Pakistan-Afghanistan Border. vi) PKR56.341 million for the Ministry of Maritime Affairs for its various miscellaneous expenditure. vii) PKR145 million for Pakistan Nuclear Regulatory Authority to meet its various employee related expenses. viii) PKR2.467 billion for Revenue Division for meeting the requirements of Pakistan Raises Revenue Program. ix) PKR834 million for Pakistan Atomic Energy Commission to meet its employee related expenditure. x) PKR49 billion for Karachi Coastal Power Project Unit 1 & 2 as requested by Pakistan Atomic Energy Commission.