Monday 20 May 2019
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The News - 6 days ago

Dr Abdul Hafeez Shaikh chairs ECC meeting

ISLAMABAD: Adviser to Prime Minister on Finance, Revenue and Economic Affairs, Dr. Abdul Hafeez Shaikh, chaired a meeting of the Economic Coordination Committee (ECC) of the Cabinet to deliberate upon various proposals and recommendations submitted the Divisions.The ECC approved a proposal of Power Division to allow additional supply of 150 MW of power through National Grid to K-Electric so as to address power shortage in Karachi. In order to provide additional power supply to the seven tribal agencies of ex-FATA, the Committee approved additional subsidy amounting to Rs.1.8 billion to Tribal Electric Supply Company (TESCO) for the month of Ramzan. The Power Division informed that the government had been paying the electricity bills of the domestic consumers of former tribal agencies through subsidy of Rs.1.3 billion per month. The ECC also acceded to the proposal of Earthquake Reconstruction and Rehabilitation Authority by granting tax exemption to the projects being constructed under Saudi Fund for Development Grant. Secretary Ministry of National Food Security and Research gave a presentation to the Committee updating it about the availability of wheat stock in the country. He informed that the wheat procurement process was being conducted smoothly by the provincial government (Punjab) and PASSCO. The Committee approved the proposed procurement target of wheat crop for the year 2018-19 to the tune of 5.15 million tons with financial limit of Rs.158.5 billion. On the proposal of Ministry of Maritime Affairs, the ECC waived off demurrage (KPT storage charges) on the consignments of rice to be distributed among the needy people by a non-profit welfare organizations working for the poor and the needy people of the country. The Committee also approved Technical Supplementary and Supplementary Grants for different Ministries/Divisions.


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