ISLAMABAD – The Economic Coordination Committee (ECC) of the Cabinet has approved the transfer of shares of electricity Distribution Companies (DISCOs) in the name of the President of Pakistan.
The approval was granted in the ECC meeting held under the chairmanship of the Federal Minister for Finance and Revenue, Senator Muhammad Aurangzeb. The meeting was also attended by Minister for Commerce Jam Kamal Khan, Minister for Power Sardar Awais Ahmad Khan Leghari, Minister of State for Finance and Revenue Ali Parvez Malik, Federal Secretaries, and senior officers from relevant ministries and divisions.
The committee also approved the transfer of the shares with the observation that the approval is subject to confirmation that the transfer will have no financial implications.
The ECC also approved Pakistan’s membership in the New Development Bank (NDB), established by BRICS member countries. It also endorsed the purchase of 5,882 capital shares in the NDB, amounting to $582 million, with $116 million as paid-in capital.
It also approved the incorporation of an International Joint Trading Company in Singapore by Pakistan State Oil (PSO) and the State Oil Company of Azerbaijan Republic (SOCAR). The Committee instructed the Ministry of Petroleum to ensure due diligence regarding specific investment approvals, particularly equity injections, as well as timeline for operationalization of the company.
