ECC approves draft Transaction Advisory Agreement

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The Economic Coordination Committee (ECC) Thursday after a detailed discussion approved the draft Transaction Advisory Agreement (TASA), reached with the IFC by PCCA for the outsourcing of three airports.

Federal Minister for Finance and Revenue Senator Mohammad Ishaq Dar presided over the meeting of the ECC, said a press release issued here.

The ECC considered a summary of the Ministry of Aviation on the engagement of the International Finance Corporation as transaction advisor for the outsourcing of three airports.

It was informed that the outsourcing of three airports has been initiated within the scope of Public-Private Partnership Act-2017 to engage private investor/airport operator through a competitive and transparent process to run the airports, develop appertaining land assets and enhance avenues for commercial activities and to garner full revenue potential.

In this regard, the International Finance Corporation (IFC), a part of the World Bank Group, has been qualified as a transaction advisor.

The ECC also considered and approved the following summaries submitted by the Ministry of Energy (Petroleum Division); proved Declaration of Commerciality and Field Development Plan over Hilal and Iqbal discoveries in favour of M/s Mari Petroleum Company Limited (MPCL).

Committee also granted second two years’ renewal over Kirthar exploration license block in favour of Polish Oil & Gas Company Limited (POGC) w.e.f 28-08-2022.

The ECC granted permission for Extended Well Testing (EWT) over the Ghazi-1 discovery to M/s Mari Petroleum Company Limited (MPCL).

Additionally, ECC also decided to provide the following Technical Supplementary grants for the current fiscal year:

Rs. 607.6 Million in favour of Ministry of Energy (Power Division) for the execution of development schemes in Sindh province.

The ECC also approved Rs.1689.5 million in favour of the Ministry of Housing and Works for the execution of development schemes under the SDGs Achievement Programme (SAP) in KPK and Sindh provinces.

Rs 5000 Million in favour of the Ministry of Housing and Works for the execution of development schemes in erstwhile FATA.

The ECC deferred a summary submitted by the Ministry of Energy ( Power Division) on the implementation agreement signed between the Government of Pakistan and K-Electric (Erstwhile KESC) on pending issue of payment of duties and taxes.—APP