ISLAMABAD – Federal Minister for Finance and Revenue, Shaukat Tarin, presided over the meeting of the Economic Coordination Committee (ECC) of the Cabinet today.

Federal Minister for Interior Sheikh Rashid Ahmad, Federal Minister for Economic Affairs Division Omar Ayub Khan, Federal Minister for Energy Muhammad Hammad Azhar, Federal Minister for Privatization Muhammad Mian Soomro, Federal Minister for Railways Azam Swati, Adviser to Prime Minister on Institutional Reforms Dr. Ishrat Hussain, SAPM on Power Tabish Gauhar, SAPM on Revenue Dr. Waqar Masood Khan, Federal Secretaries, Chairman BOI, Chairman SECP and other senior officers participated in the meeting. Governor State Bank (SBP) Dr. Reza Baqir joined through a video link.

Power Division submitted a summary regarding the release of subsidy for the supply of 100% RLNG to Export Oriented Industry for the month of March 2020. The ECC approved the summary and decided to form a sub-committee consisting of Adviser to PM on Commerce, SAPM on Power and other relevant stakeholders to review the power subsidies provided to export oriented sectors, with a direction to submit a holistic proposal before the ECC.

Power Division presented another summary before the Committee regarding release of the first instalment of payment to the Independent Power Producers (IPPs). The ECC constituted a sub-committee chaired by the Federal Minister for Finance, comprising Ministers and Secretaries from Energy, Petroleum and other concerned Ministries for further deliberations. The sub-committee would present a firmed-up proposal before the next ECC for consideration and approval.

The following Technical Supplementary Grants were approved by the ECC:

·         Rs. 22.7 million for the Law and Justice Division for meeting the shortfall of funds under various administrative and related heads.

·         Rs. 10.025 million in favour of the Ministry of Human Rights to fund the National Trust for the Disabled (NTD), Islamabad.

·         Rs. 7.2 million in favour of Ministry of Housing and Works for the execution of development schemes of the Interior Division.

·         Lastly, Rs. 262 million in favour of Ministry of Housing and Works for meeting various necessary expenses.