ECC of the Cabinet allows fixation of Maximum Retail Prices of 18 new drugs approved the proposal to recover Rs. 76 billion in four months period, surcharges will be applicable across the country.

ECC of the Cabinet allows fixation of Maximum Retail Prices of 18 new drugs as recommended by Drug Pricing Committee

Approves recommendation of Drug Pricing Committee for reduction in Maximum Retail Prices (MRPs) of 20 drugs

Considers another summary of Ministry of Energy (Power Division) & approved the Revised Circular Debt Management Plan

Also approves in principle a technical supplementary grant of Rs. 450 million in favour of Ministry of Defence

ISLAMABAD ( Web News )

Federal Minister for Finance and Revenue Senator Mohammad Ishaq Dar presided over the meeting of the Economic Coordination Committee (ECC) of the Cabinet on Friday.

Federal Minister for Commerce Syed Naveed Qamar, Federal Minister for Power Engineer Khurram Dastgir Khan, Minister of State for Finance and Revenue Dr. Aisha Ghous Pasha, Tariq Bajwa, SAPM on Revenue, Tariq Mehmood Pasha, SAPM on Government Effectiveness, Dr. Muhammad Jehanzeb Khan, Chairman SECP, Federal Secretaries and other senior officers attended the meeting.

The ECC considered a summary of Ministry of National Health Services, Regulations and Coordination and allowed fixation of Maximum Retail Prices (MRPs) of 18 new drugs as recommended by Drug Pricing Committee (DPC). The prices of these 18 new drugs are at the lowest as compared to the prices of same drugs in neighbouring countries especially in India.

The ECC considered another summary of Ministry of National Health Services, Regulations and Coordination on Maximum Retail Price (MRP) of Paracetamol products and approved the recommendation of Drug Pricing Committee (DPC) for increase in Maximum Retail Price (MRP) of Paracetamol products and fixed price of Paracetamol Plain Tablet 500 mg at Rs. 2.67 and Paracetamol Extra Tablet 500 mg at Rs. 3.32.

The ECC also considered another summary of Ministry of National Health Services, Regulations and Coordination and approved the recommendation of Drug Pricing Committee (DPC) for reduction in Maximum Retail Prices (MRPs) of 20 drugs.

Ministry of Energy (Power Division) presented a summary on refinancing of Power Holding Limited’s debt and a surcharge to recover markup payments.

The ECC after discussion approved the proposal to recover Rs. 76 billion while exempting non-ToU domestic consumers having consumption 300 units and private agriculture consumers in four months period from March 2023 to June 2023 to recover the markup charges of PHL loans and allowed to impose additional surcharge of Rs. 1/unit for FY 2023-24 to recover additional markup charges of PHL loans not covered through the already applicable FC surcharge. The above surcharges will be applicable to K-Electric consumers to maintain uniform tariff across the country.

The ECC also deferred PHL’s principal installments payable in respect of Rs. 283.287 billion for a period of two (2) years from the date of execution of fresh facilities and directed Finance division to issue a Government Guarantee for repayment of principal as well as  interest/fees, etc for the fresh facilities of Rs. 283.287 billion.

The ECC considered and approved the proposals contained in another summary of Ministry of Energy (Power Division) regarding recovery of staggered Fuel Charges Adjustment applicable for the months of August and September 2022.

The ECC deferred the electricity bills for the month of September 2022 for commercial consumers in the flood affected areas till the next billing cycle and waived off electricity bills for the months of August and September 2022 for the non- ToU domestic consumers having ≤ 300 units consumption. The ECC also approved additional supplementary grant of Rs. 10.34 billion to cover waiver of electricity bills in flood affected areas.

The ECC also considered another summary of Ministry of Energy (Power Division) and approved the Revised Circular Debt Management Plan.

The ECC considered and approved in principle a summary of Finance Division on Kamyab Pakistan Program and entrusted State Bank of Pakistan to validate the claims of Wholesale lenders (WLs) after due diligence, due to non-existence of Program Management Unit (PMU) at Finance Division.

The ECC considered a summary of Ministry of Energy (Petroleum Division) and granted approval for declaration of commerciality (DOC), Field Development Plan (FDP) and Development and Production lease (D&PL) for the period of five years w.e.f. 25th January, 2022 over Jugan Field (Latif Block) to M/s United Energy Pakistan (UEP) Beta.

The ECC also considered another summary of Ministry of Energy (Petroleum Division) and granted two years extension in renewal in Missa Keswal Development and Production Lease (D &PL) covering an area of 23.43 Sq kms in district Rawalpindi, Punjab w.e.f. 11th April, 2022.

The ECC also approved in principle a technical supplementary grant of Rs. 450 million in favour of Ministry of Defence.

Meanwhile Mohammad Ishaq Dar presided over the preparatory meeting on 8th Pakistan-Uzbekistan Joint Ministerial Commission (JMC) at Finance Division on Friday.

SAPM on Finance Tariq Bajwa, Secretary Commerce, Secretary EAD, Secretary Railways, Secretary Communication and senior officers from relevant ministries attended the meeting.

The meeting discussed and deliberated proposed plan and agenda items of Pakistan- Uzbekistan Joint Ministerial Commission’s meeting scheduled in Uzbekistan in February 2023. The meeting aims to foster bilateral relations between the two countries in a number of fields including trade, commerce, railways, investment, agriculture, science & technology, education, tourism etc. Trans- Afghanistan Rail and Road project, Raising of Trade volume to $1 billion, cooperation in banking and textile sectors and export/import facilitation. Ishaq Dar will lead Pakistani delegation and co-chair the conference.