ECC approves increase in PIA’s borrowing guarantee limit

ISLAMABAD: Prime Minister Shahid Khaqan Abbasi today chaired a meeting of Economic Coordination Committee.

The ECC approved a proposal to increase the commercial borrowing guarantee limit of PIACL by Rs 13.585 billion.

In order to provide relief to the families of Shuhuda, the ECC approved a proposal to include words “and Shuhuda Family Welfare Account” in clause (6) Part III and clause (36 A), Part IV of the Second Schedule to the Income Tax Ordinance 2001.

The ECC approved a proposal that Minimum Guaranteed Price for the wheat crop 2017-18 may be maintained at the previous year’s level, Rs 1300 per 40 kg.

Article continues after this advertisement

Supply of 20,000 metric tons of wheat from PASSCO to United Nations World Food Program for temporarily dislocated persons of FATA was also approved.

Proposal to allocate 14.8 MMscfd gas, up to 8.0 MMscfd gas from Aminah gas field and up to 6.8 MMscfd gas from Ayesha North field, to M/s SSGC was approved.

The ECC also granted exemption from rule 43 of 1986 rules for development and production leases over Sara and Suri fields.

Approval of field development plan and grant of development and production lease for Mubarak block No 2769-4 and Gambat block No 2668-4 was also accorded by the ECC.

ECC approved a proposal of the Petroleum division that 83.2 MMscfd, i.e up to 74 MMscfd gas from Shahdadpur, up-to 2.2 MMscfd gas from Shahdadpur East and up-to 7 MMscfd gas from Shadadpur West D&PL, be allocated/regularised to SSGCL as SSGC’s network already exists in the area and that gas from the same block is already being supplied to the company.

The ECC also approved a proposal for construction of Machike-Tarujabba Oil Pipeline Project on BOT basis for the transportation of oil from Lahore to Peshawar. The construction of this pipeline would facilitate easy and inexpensive transportation of oil.

The ECC also granted exemption from the provisions of Section 7B of the Income Tax Ordinance 2001 for recipients of profit on debt from Behbood Saving Certificates and Pensioners Benefit Accounts.

- Advertisement -
- Advertisement -

Must Read

Govt committed to grant FBR complete autonomy, FM

ISLAMABAD: The incumbent government is fully committed to grant the Federal Board of Revenue operational and financial autonomy to rule out the possibility of...