Daily Times

ISLAMABAD: The Economic Coordination Committee (ECC) of the cabinet has given the approval for payment of one month’s salary to the employees of Pakistan Steel Mills Corporation (PSMC) for the month of Feb 2017.

The ECC meeting was held under the chair of Finance Minister Ishaq Dar on Wednesday. On this occasion, the forum has approved various proposals from different ministries.

The ECC approved the proposal of the Cabinet Division for provision of bridge financing to the tune of Rs 864 million for facilitating the Printing Corporation of Pakistan in procuring new printing machines for meeting the requirement of the Election Commission of Pakistan, for the upcoming general elections in 2018.

ECC also approved a proposal of the Ministry of Commerce for extending the deadline for export of sugar from 31st May 2017 till 31st July. The ECC directed the relevant ministries to ensure the price stability especially during the holy month of Ramazan.

While considering a proposal of the Economic Affairs Division, ECC approved the exemption from the payment of general sales tax (GST) for the German Development Agency – GIZ, in respect of goods purchased by GIZ.

This exemption shall also be available on procurement of services by GIZ received in Islamabad Capital Territory. This decision has been made to support the development activities carried out by GIZ in Pakistan.

The ECC also approved a proposal of the Ministry of Industries & Production, finalized with consensus, for not deregulating the price of sugarcane.

The ECC accorded approval to the proposal of the Ministry of Petroleum & Natural Resources that up to 10MMCFD gas from Tolanj field may be allocated to M/s SNGPL. The price of gas will be as per the applicable Petroleum Policy.

The ECC approved another proposal from the Ministry of Petroleum & Natural Resources for allocation of 2.9MMCFD gas from Khamiso-01 well, located in district Ghotki, to M/s Engro Fertilizer during the Extended Well Testing (EWT) period and post-approval of commerciality / D&P lease of the field.

On a proposal moved by the Privatization Division, ECC granted post-facto approval for payment of one month’s salary to the employees of Pakistan Steel Mills Corporation (PSMC) for the month of February 2017.

As Ramzan was to begin in the last week of May 2017, Chairman ECC had previously accorded anticipatory approval in this regard. Also, keeping in view the fact that Eidul Fitr will fall in the last week of June, the ECC also directed that the salary of PSMC employees for the month of March 2017 may be disbursed before the last week of June.

The ECC approved a proposal of the Ministry of Water and Power for the provision of a government guarantee by the Ministry of Finance for repayment of loan as well as interest, for a syndicated term finance facility for the power sector amounting to Rs. 41 billion. The amount will be utilized for the purposes of funding the repayment liabilities of the Distribution Companies (DISCOs), through arrangement between Power Holding Private Limited and DISCOs.

The ECC also considered and approved a proposal from Finance Division regarding revised pay packages for the employees of PSDP funded projects.

The ECC approved a proposal of the Ministry of Water & Power for amendments in the support package for provision of power for the Industrial sector.

The Oil and Gas Regulatory Authority (OGRA) also made a presentation to the ECC regarding the trends in the prices of petroleum products. It was noted that sales tax and PD levy on petroleum prices was currently much lower than 2013 in most cases.