Islamabad, January 23, 2015 (PPI-OT): The Federal Minister for Finance, Senator Mohammad Ishaq Dar chaired the meeting of the Economic Coordination Committee (ECC) of the Cabinet here today taking important decisions. At the outset of the meeting, Chairman ECC, Senator Ishaq Dar expressed his deep sense of shock and grief over the sad demise of King Abdullah and along with other participants offered fateha for the departed soul.
He paid rich tributes to the late King Abdullah saying that he was a great friend of Pakistan who was always there to offer support in the hour of need. “His services to the Muslim Ummah would always be remembered”, he remarked.
Taking up the regular business thereafter, ECC approved export of 1.2 million tons of wheat out of the surplus stocks available in Punjab and Sindh. Accordingly, Punjab will export 800,000 tons while Sindh has been allocated export quota of 400,000 tons of wheat.
Punjab will get a subsidy of $55 per metric ton for export while for Sindh this subsidy would be $45 per metric ton. Taking notice of unhindered import of wheat by-products, the ECC also issued instructions for immediate ban on their import.
The ECC considered a proposal moved by the Ministry of States and Frontier Regions and approved the provision of 30,000 tons of wheat to the United Nations World Food Program for distribution among Temporarily Displaced Persons (TDPs) of FATA and KP, catering for the period up to March 2015. The ECC also observed that in case of further requirements, SAFRON could revert to the forum with a fresh proposal.
ECC considered and approved Ministry of W and P’s proposal on policy to attract private sector investment in transmission line projects with the inclusion of upfront tariff as an option. NEPRA is empowered to grant license authorizing the licensee to engage in the construction, ownership, maintenance and operation or specified transmission facilities on specified terms and conditions in the public interest.
The ECC also accorded approval for the extension of GSA between OGDCL and Fauji Kabirwala Power Company Limited (FKPCL) for provision of 20 mmcfd of gas at the earliest possible but not later than 1st February till the time LNG is made available to the company for power generation. At its maximum generation capacity utilization the plant will generate157 MW of electricity.
ECC approved Issuance of Policy directive to NEPRA to build in costs incurred by the power sector into the tariff without affecting the end consumer. ECC also approved the re-lending of the buyer credit loan to PAEC as per actual terms and conditions available to the Government of Pakistan. Based on the above approval, the revised rate comes to 9% comprising actual cost of loan and exchange rate risk.
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