ISLAMABAD: In a major U-turn, the Federal Government has reportedly backedout from its decision to supply electricity to five export-oriented sectors(erstwhile zero rated sectors) at cents 9 per unit for the entire currentfiscal year (CFY 2022-23) after a summary approved by the Prime Ministerwas sent by the Finance Division in “violation” of rules of business 1974,well informed sources in Commerce Ministry told *Business Recorder*.
Insiders claim that the decision has been taken to meet the conditions ofInternational Monetary Fund (IMF) as the Fund has not supported additionalfunding for export-oriented industry.
Cabinet’s Division Deputy Secretary, Muhammad Ashfaq, in a letter toSecretary Finance, Secretary Commerce, Secretary Power Division andAdditional Secretary Cabinet stated that Finance Division sent a summarytitled “regionally competitive energy rates for export oriented sectorsduring FY 2022-23 (effective from July 1, 2022)” to the Prime Minster foramendment in the approved minutes/ decision of the Cabinet for approval ofPrime Minister, whereby, a corrigendum was sought.
Read Top Stories
Cabinet Division, in its letter apprised that as per standard procedure, incase of an amendment/ correction/ revision by a Division a written requestis required to be made to the Cabinet Division and subsequently the latterthereafter sends a summary to the Prime Minister for approval with itsviews in terms of rule 8 and 20(14) of the Rules of Business, 1973.
