ISLAMABAD ( Web News )
Federal Minister for Finance and Revenue Mr. Shaukat Tarin presided over Economic Coordination Committee (ECC) of the Cabinet, today. Federal Minister for National Food Security and Research Syed Fakhar Imam, Federal Minister for Railways Muhammad Azam Khan Swati, Federal Minister for Energy Mr. Hammad Azhar, Federal Secretaries and senior officers attended the meeting. ECC approved Kamyab Overseas Programme (KOP) as a new component of Kamyab Pakistan Programme. The new initiative is meant for prospective low income overseas workers having confirmed foreign job offer, employment agreement and valid travel documents and registered with NSER to avail interest free loans under KPP. Maximum amount of loan would be Rs. 300,000 and returned in easy installments starting after three months of departure. The loan will be provided to 10,180 beneficiaries with estimated required funds of Rs. 3 billion for the 4th quarter of 2021-22. ECC approved a summary tabled by Ministry of Industries and Production for Ramzan Relief Package 2022. The ECC after discussion approved Ramzan Relief Package 2022 for 19 essential items to be sold at subsidized rates at USCs with total subsidy of Rs. 8280 million. ECC considered and approved a summary presented by Ministry of Commerce on proposed amendments in the import and export policy order 2020 for the development of Integrated Tariff Management System (ITMS) for Pakistan Single Window (PSW). Ministry of Energy (Petroleum Division) submitted a summary for allocation of Gas from Togh Field on commercial basis. The ECC after discussion allowed up to 16 MMCFD gas from Togh Field to SNGPL on commercial basis. The wellhead price of the gas will be decided by the concerned regulator under the applicable rules and policy. Ministry of Energy (Petroleum Division) submitted a summary to allow amending the Petroleum Concession Agreement, allowing GHPL Assignment of Working interest in Wali, Jandaran West, Saruna and Pesu block of OGDCL. The ECC approved to amend the respective Petroleum Concession Agreements by allowing GHPL to increase its Working Interest above its statutory Working Interest of 2.5% being state participator in Wali, Jandran West,Saruna and Pesu blocks of OGDCL. Ministry of Energy (Power Division) submitted a summary on incentive package announced by the Prime Minister regarding reduction in price of electricity. The ECC considered and approved PM’s relief package of Rs. 5 per unit by way of reduction in electricity charges base rate for the relief period of four months (March 2022 to June 2022). The relief package will be applicable to all commercial and domestic non- ToU consumers having monthly consumption up to 700 units, excluding life-line consumers. The cash flow requirement for the PM Relief Package is Rs. 136 billion. Ministry of Energy (Petroleum Division) submitted another summary on reimbursement of price differential claims of oil marketing companies (OMCs) and refineries, in line with PM relief package of reduction in the consumer prices of Motor Spirit and Diesel by Rs. 10 per litre. The price differential would be paid to the Oil Marketing Companies/ Refineries by the Government as a subsidy to avert any shortage in the market. The ECC approved special PDC disbursement mechanism to pay the PDC speedily within 15 days, opening of special assignment account with PSO and initial amount of Rs. 20 billion to PSO in accordance with the mechanism. The ECC also considered and approved following Technical Supplementary/ Supplementary Grants: i. Rs. 428.90 million to Foreign Affairs Division to meet the expenditure for holding of 48th session of the OIC Council of Foreign Ministers to be held in Islamabad on 22-23 March, 2022. ii. Rs. 47.561 million to poverty Alleviation and Social Safety Division. iii. Rs. 135.078 billion for principal and interest payments against Naya Pakistan Certificates and Islamic Naya Pakistan Certificates.