Economic Coordination Committee meeting vital decisions on December 15

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Economic Coordination Committee meeting vital decisions on December 15

Economic Coordination Committee has approved proposal submitted by the Privatization Division for disbursement of one and a half month salary to Pakistan Steel Mills employees.

 

Economic Coordination Committee has approved proposal submitted by the Privatization Division for disbursement of one and a half month salary to Pakistan Steel Mills employees.

 

The meeting of the Committee was held in Islamabad today with Finance Minister Ishaq Dar in the chair.

 

Privatization Division sought approval of 570 million rupees for payment of 50 percent remaining salary for the month of August 2016 amounting to 190 million rupees and 380 million rupees for the month of September 2016.

 

ECC also approved in principal the funding on expenditure of Inter State Gas Systems Private Limited subject to completion of corporate formalities.

 

The Ministry of Petroleum and Natural Resources proposed that the Government Holding Private Limited being the parent company will give a three year term loan to ISGSL to fund all its expenditure on all Government mandated projects being undertaken by ISGSL.

 

This loan and related interest will be repayable after three years through a single bullet payment on terms separately agreed between GHPL and ISGSL through a Loan Agreement.

 

ECC also approved revision of its earlier decision of 17th November this year on the proposal of the Ministry of Petroleum and Natural Resources.

 

The Ministry of Petroleum and Natural Resources proposed reduction in gas sale price for Power Stations and Independent Power Producers from 613 rupees per MMBTU to 400 rupees per MMBTU and General Sales Tax to be charged at the rate of 100 rupees per MMBTU on gas sale.

 

The Ministry stated that the revise decision in this context will not only result in elimination of price disparity to a large extent but will also reduce electricity generation cost in the country which will provide relief to electricity consumers across the board.