PSO losses, relending policy and TAPI on ECC meeting agenda

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ISLAMABAD: The Economic Coordination Committee (ECC) would meet today (Wednesday) to take up an 11-point agenda, including the constitution of a ‘price negotiation committee’ for Turkmenistan-Afghanistan-Pakistan-India (TAPI) Gas Pipeline Project.

According to sources, Adviser to Prime Minister on Finance Dr Abdul Hafeez Shaikh has summoned the ECC meeting to deliberate upon issues pertaining to different ministries/divisions, including finance, interior, economic affairs, power and petroleum.

Sharing the details, sources said that the forum would deliberate on the Petroleum Division’s summary regarding the losses incurred by the Pakistan State Oil (PSO) due to devaluation of Pakistani rupee. Similarly, it would also take up two summaries of the Economic Affairs Division regarding the recovery of foreign currency loans from the private sector borrowers and revision of the Relending Policy 2016 for foreign loans/credits.

Meanwhile, the ECC would take up three summaries of Power Division, including deferment of quarterly, monthly fuel adjustments and economic stimulus measures, and supplementary grant for payment of legal fee to the foreign councils hired on behalf of the state and 1124MW Kohala Hydropower Project in Karkey Karadeniz case.

The federal cabinet’s committee would also discuss a Finance Division summary regarding payment of subsidy charges to the executive agencies of the Prime Minister’s Youth Businesses Loan (PMYBL) scheme through technical supplementary grant (TSG). Likewise, the ECC would deliberate upon the Pakistan Nuclear Regulatory Authority’s summary pertaining to a TSG of Rs90.459 million.

Moreover, the committee is likely to approve an interior ministry summary regarding the release of advance funds for the construction of Frontier Constabulary Training Centre in Michni, Khyber Pakhtunkhwa. The ECC is also likely to approve a TSG of Rs5.00 million (within sanctioned budget) for the purchase of spare parts for helicopter maintenance by Pakistan Rangers (Punjab) during the current financial year.

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