Federal Minister for Finance and Revenue Mr. Miftah Ismail presided over the meeting of the Economic Coordination Committee of the Cabinet at Finance Division on Monday.
Ministry of Commerce presented a summary on regional competitive energy rates for export oriented sectors during financial year 2022-23. It was submitted that in pursuance of the decisions of ECC dated 16th August 2021 and the Federal Cabinet dated 24th August 2021, the Government provided energy to the export oriented sectors namely Textile including Jute, Leather, Carpet, Surgical and Sports goods at regional competitive rates to reduce cost of manufacturing and enhance exports.
The ECC after detailed discussion approved RLNG rate at US $9 per MMBTU, all inclusive to five export oriented sectors across Pakistan for existing gas connections. A subsidy cover of Rs. 40 billion for RLNG has been allocated under Federal budget 2022-23 which will be reviewed on quarterly basis. Further, ECC recommended to the Federal Cabinet to raise the tariff of indigenous gas for export oriented sectors at Rs. 1350 per MMBTU and for general industry at Rs. 1550 per MMBTU.
The ECC also approved the electricity rate at US cents 9 per kWh to five export oriented sectors from 1st August 2022 subject to (i) subsidy of Rs. 20 billion provided by Finance Division (ii) quarterly review of the subsidy (iii) Petroleum Division will provide a list of industrial units getting subsidized gas and electricity, within one month to the ECC for review.
The ECC also approved supplementary grant of Rs. 750 million for Ministry of Information and Broadcasting for 75 years’ Independence Day celebrations.
The ECC also approved proposal of Ministry of Interior for payment of compensation/goodwill package from its own budget. Federal Minister for Defence Mr. Khawaja Muhammad Asif, Federal Minister for Commerce Syed Naveed Qamar, Federal Minister for Industries and Production Makhdoom Syed Murtaza Mehmood, Federal Minister for Power Mr. Khurram Dastgir Khan, Mr. Shahid Khaqan Abbasi – MNA, Minister of State for Finance and Revenue Dr. Aisha Ghous Pasha, Minister of State for Petroleum Mr. Musadik Masood Malik, Rana Ihsan Afzal, Coordinator to PM on Commerce & Industry, Federal Secretaries and senior officers attended the meeting.
