Key points
- ECC approves release of Rs3b for flood affectees
- Funds to be used for timely provision of tents, medicines, food and other essential supplies
ISLAMABAD: Pakistan’s Economic Coordination Committee (ECC) on Tuesday approved key economic measures and relief for the affectees of devastating floods in the Gilgit-Baltistan region.
According to a statement, the ECC met under the chairmanship of the Federal Minister for Finance and Revenue, Senator Muhammad Aurangzeb, at the Finance Division.
The meeting was attended by Federal Minister for Power Sardar Awais Ahmad Khan Leghari, Federal Minister for Petroleum Ali Pervaiz Malik, Federal Minister for National Food Security and Research Rana Tanveer Hussain, Special Assistant to Prime Minister for Industries and Production Haroon Akhtar Khan, and other Members of the body, including federal secretaries, representatives from relevant regulatory bodies, and senior officials of concerned Ministries and Divisions.
Technical supplementary grant
The ECC considered a summary from the Ministry of Information and Broadcasting regarding a technical supplementary grant of Rs11 billion in favour of Pakistan Television Corporation (PTVC) against tariff adjustment and net metering, and approved Rs3.813 billion, with the remaining to be released on a quarterly basis for payment of salaries, pensions, and operational expenses of the state broadcaster.
While approving the request, the ECC underscored that it was imperative for PTV to reduce its reliance on budgetary support and chart a path towards self-sustainability.
Recovery
The committee also deliberated on a summary from the Petroleum Division regarding the recovery of the petroleum levy defaulted on by M/s Cnergyico PK Limited (CPL) since 2019.
“After a detailed discussion, the ECC approved the settlement framework prepared in line with the decisions of SIFC Apex/EC/IC for the recovery of the principal amount of petroleum levy duty audited to date, and authorized the Petroleum Division to sign the proposed deed of settlement with CPL,” the statement read.
The committee further directed that the entire outstanding amount of petroleum levy be recovered strictly in accordance with the terms of the settlement.
On a summary from the Power Division regarding relief to power consumers on account of captive transmission levy, the ECC approved the mechanism proposed by the Division to pass on the benefit of the levy collected from captive power consumers to electricity grid consumers.
Trade and investment
The committee also considered a summary seeking review of tariff determination of the Machike-Thallian Tarrujabba White Oil Pipeline project being developed on a government-to-government basis with Azerbaijan, and approved the terms and conditions proposed by the Petroleum Division to enable the launch of this strategic project, which will further strengthen bilateral friendship, trade, and investment ties between Pakistan and Azerbaijan.
The ECC considered a summary submitted by the Ministry of Kashmir Affairs and Gilgit-Baltistan and States and Frontier Regions regarding the release of funds for flood relief in Gilgit-Baltistan in line with the prime minister’s directives during his recent visit to the affected region.
The ECC approved the release of Rs3 billion for the timely provision of tents, medicines, food and other essential supplies for the affected families, as well as for the reconstruction of damaged infrastructure and early recovery measures to support the affected communities.
