Observer Report
Islamabad
The Economic Coordination Committee of the Federal Cabinet Thursday approved the Ministry of Water Resources’ proposal in principle for the issuance of WAPDA’s debut $500 million Eurobonds to arrange finances for Diamer Basha and Mohmand dams.
The ECC, which met with Federal Minister for Finance and Revenue Dr Abdul Hafeez Sheikh in the chair, directed for working out modalities for the issuance of the bonds in consultation with the Finance Division and the State Bank of Pakistan, according to a Finance Ministry press release. Minister for Privatization Mohammad Mian Soomro, Minister for Energy Omar Ayub, Minister for Industries and Production Hammad Azhar, Adviser to the PM on Commerce Abdul Razak Dawood, Minister for Railways Azam Khan Swati, Special Assistant to the PM (SAPM) on Petroleum Nadeem Babar, SAPM on Power Tabish Gauhar, Minister for Maritime Affairs Ali Haider Zaidi, Minister for Water Resources Faisal Vawda and SBP Governor Reza Baqir participated in the meeting.
The Ministry of Planning, Development and Special Initiatives gave a detailed presentation on the Karachi Transformation Plan to the ECC. The forum discussed the plan thoroughly and endorsed, in principle, with the direction to secure approval from all relevant quarters before submission to the cabinet. Dr Abdul Hafeez Sheikh directed to follow all codal formalities with reference to various components of the KTP. The Ministry of Maritime Affairs presented amendments in the Master Plan, originally formulated in 2001, regarding establishment of five terminals on BOT (Build-Operate-Transfer) basis. The terminals would fulfil increased demand for container handling capacity.
