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Sunday, July 3, 2022

ECC postpones a report of payables to government-owned power plants.

The Economic Coordination Committee (ECC) deferred Power Division’s two summaries on the settlement of payables to government-owned power plants and the reintroduction of dividend taxes for investors and shareholders in independent power producers on Wednesday (IPPs).

Federal Minister for Finance and Revenue Shaukat Tarin presided over the ECC meeting today, according to a statement released by the Power Division.

The meeting was attended by Syed Fakhar Imam, Federal Minister for National Food Security and Research, Hammad Azhar, Federal Minister for Energy, Muhammed Mian Soomro, Adviser to the Prime Minister on Commerce and Investment Abdul Razak Dawood, federal secretaries, and senior officers.

After making a few adjustments, the Ministry of Commerce filed a revised Textiles and Apparel Policy, 2020-25, along with an implementation report. After much consideration, the ECC accepted the policy with a few changes.

The ECC went reviewed the summary filed by the Ministry of Communication for the issuance of a sovereign guarantee or SBLC worth Rs6,944.0 million against Operational Viability Gap Funding (VGF) for the BOT construction of the Sialkot (Sambrial) – Kharian Motorway.

The Ministry of Energy’s Petroleum Division provided a summary of the leasing deal between Saindak Metals Limited and MCC China for the Saindak Copper-Gold Project being extended for another 15 years. After a lengthy discussion, the ECC approved the lease extension and advised that the financial side of the project be reviewed annually by professional competence.

The ECC also accepted the summary prepared by the Ministry of Energy’s Petroleum Division for determining the RLNG sale price for PLL’s supply to K-Electric (KE).

 

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