ECC Constitutes Subcommittee for Release of First Installment Payment to IPPs

Federal Minister for Finance and Revenue, Shaukat Tarin, presided over the meeting of the Economic Coordination Committee (ECC) of the Cabinet in Islamabad today.

Power Division presented another summary before the Committee regarding the release of the first installment of payment to the Independent Power Producers (IPPs).

The ECC constituted a sub-committee for this too, chaired by the Federal Minister for Finance, comprising Ministers and Secretaries from Energy, Petroleum, and other concerned Ministries for further deliberations.

The sub-committee would present a firmed-up proposal before the next ECC for consideration and approval.

Power Division submitted a summary regarding the release of subsidy for the supply of 100 percent RLNG to Export Oriented Industry for March 2020.

The ECC approved the summary and decided to form a sub-committee consisting of Adviser to PM on Commerce, SAPM on Power, and other relevant stakeholders to review the power subsidies provided to export-oriented sectors, with a direction to submit a holistic proposal before the ECC.

The following Technical Supplementary Grants were approved by the ECC:

• Rs. 22.7 million for the Law and Justice Division for meeting the shortfall of funds under various administrative and related heads.

• Rs. 10.025 million in favor of the Ministry of Human Rights to fund the National Trust for the Disabled (NTD), Islamabad.

• Rs. 7.2 million in favor of the Ministry of Housing and Works for the execution of development schemes of the Interior Division, and

• Rs. 262 million in favor of the Ministry of Housing and Works for meeting various necessary expenses.

Federal Minister for Interior, Sheikh Rashid Ahmad, Federal Minister for Economic Affairs Division, Omar Ayub Khan, Federal Minister for Energy, Muhammad Hammad Azhar, Federal Minister for Privatization, Muhammad Mian Soomro, Federal Minister for Railways, Azam Swati, Adviser to Prime Minister on Institutional Reforms, Dr. Ishrat Hussain, SAPM on Power, Tabish Gauhar, SAPM on Revenue, Dr. Waqar Masood Khan, Federal Secretaries, Chairman BOI, Chairman SECP, and other senior officers participated in the meeting. Governor State Bank of Pakistan (SBP), Dr. Reza Baqir, joined through a video link.

Source: Pro Pakistani