Federal Minister for Finance and Revenue, Senator Muhammad Aurangzeb on Friday chaired a meeting of the Economic Coordination Committee (ECC) which discussed and approved the proposal from the Power Division regarding the revision in the annual rebasing determination timeline.
“Policy guidelines were approved to be issued to NEPRA for revising the annual tariff determination process timeline by amending the legal and regulatory framework,” a news release said.
The ECC directed that rebasing should be notified with effect from January 1, 2025, onward each year, following the completion of regulatory proceedings. It authorized the Power Division to approach NEPRA for the implementation of these policy guidelines.
The ECC also approved the proposal of the Ministry of National Food Security and Research for the allocation of additional funds as a Technical Supplementary Grant (TSG) of Rs910 million for the establishment of the National Food Safety, Animal, and Plant Health Regulatory Authority (NFSAPHRA).
The forum deliberated upon the proposal of the Ministry of Industries and Production regarding the disbursement of salaries to Pakistan Steel Mills (PSM) employees for the financial year 2024-25 (projected). The committee authorized the Finance Division to approve the payment of the projected net salary of Rs. 935.78 million for FY 2024-25, to be disbursed monthly according to the salary demand of PSM. These funds would be provided from the already approved budgetary allocation of Rs. 3.5 billion.
The Ministry of Commerce presented a proposal seeking an extension of regulatory duties on finished flat steel products.
The ECC approved the extension of duties on relevant iron and steel flat products until March 31, 2025, as recommended by the Tariff Policy Board during its 61st meeting held on December 26, 2024.—APP
