ECC approves Supplemental Agreement for CPEC’s projects

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Islamabad—Economic Coordination Committee of the Cabinet (ECC), Thursday, approved the proposal of Ministry of Water and Power regarding the Supplemental Agreement for projects in the private sector under the China Pakistan Economic Corridor (CPEC) frame work agreement. Under the arrangement a revolving account (equal to 22% of monthly invoicing) shall be opened and maintained by the power purchaser for which the Ministry of Finance will provide the guarantee to fund such revolving account in case the power purchaser fails to place and or maintain the required fund in such account.
ECC met here with Finance Minister Ishaq Dar in the chair and approved the proposal of the Federal Board of Revenue regarding continuation of the reduced rate of 0.3% WHT on non-filers under section 236P of the Income Tax Ordinance, 2001 by the end of current month. ECC also approved the reallocation of 60MMCFD Mari shallow gas to its original allotees (Fauji Fertilizers, Fatima Fertilizers and Engro Fertilizers) with effect from 22nd February 2016.
ECC approved the proposal submitted by the Ministry of Industries and Production for granting waiver of the outstanding amount of Rs. 51.50 million as loan from the Federal Government to Shahdadkot Textile Mills as the unit has been liquidated and the Liquidator has settled the claims of Preferential creditors as per the availability of funds/sales proceeds. The approval for the liquidation process was granted by the Sindh High Court.
On the proposal moved by the Ministry of Petroleum and Natural Resources for the Deregulation of the CNG prices, ECC constituted a Committee comprising of Special Assistant to the Prime Minister on Human Rights, Secretary Petroleum, Secretary Finance, Secretary Law, Chairman FBR and Chairman OGRA. The committee will thoroughly look into all aspects of the proposal and give its recommendations to the ECC for a final decision.

Staff Reporter