ECC approves Ministry of Energy’s plan to raise over Rs136b financial facility

1118

Staff Reporter

Islamabad

Economic Coordination Committee of the Cabinet has approved a proposal of Ministry of Energy to raise finance facilities of 136.45 billion rupees and 30 billion rupees for adjustment of existing finance facilities of Power Holding Limited.
Meeting of the ECC was held in Islamabad on Wednesday with Adviser to Prime Minister on Finance Dr. Abdul Hafeez Shaikh in the chair.
On a proposal by the Commerce Division, the ECC took up the import of used vehicles under personal baggage, transfer of residence and gift schemes which require the payment of duties and taxes to be paid out of foreign exchange.
It allowed the importers to meet any shortfall in arrangement of required foreign remittance for payment of duties and taxes through local sources. The ECC decision would help clear up a total of 1017 vehicles currently stuck at Karachi port.
The ECC also approved a proposal authorizing the Ministry of Communications to proceed for Procurement of Consultancy Services for Section-III Kalkatak-Chitral (48 km) under the Chakdara-Chitral Road Project (N-45).
The ECC also approved a proposal by the Finance Division for acquisition of 8.5 percent additional shares of EPCL South Africa by enhancing Standby Letter of Credit by 2.7 million dollars which would bring the aggregate investment of Packages Limited to 17.7 million dollars.
The ECC also considered and approved two separate proposals by the Ministry of National Health Services for one technical supplementary grant of 784 million rupees to pay for increase in the allowances of doctors and another technical supplementary grant of 228.547 million rupees to pay for the increase in allowances and stipends of regular and student nurses and of Pakistan Institute of Medical Sciences, Federal Government Polyclinic, National Institute of Rehabilitation Medicine and Federal General Hospital.
Meanwhile, talking to Ambassador of Qatar to Pakistan Saqr bin Mubarak Al Mansouri who called on the Adviser here on Wednesday, Adviser to PM on Finance and Revenue Dr. Abdul Hafeez Shaikh said Pakistan highly values its bilateral relationship with Qatar and the government is keen to facilitate the Qatari businessmen and investors who have shown interest in recent months to invest in Pakistan and participate in the economic development of the country.
The Adviser briefed the Qatari Ambassador on the overall state of the economy and the areas and sectors for potential investment by foreign investors, particularly investors from Qatar.
Saqr bin Mubarak Al Mansouri said the relationship between Pakistan and Qatar had many manifestations and both the countries had come close to each to forge business partnerships and economic collaborations.
The Ambassador also handed over an invitation letter from the Deputy Prime Minister of Qatar to the Adviser to attend the Doha Forum scheduled to be held next month.