The Economic Coordination Committee (ECC) of the cabinet on Wednesday approved to import 300,000 metric tonnes of wheat, besides sanctioning sovereign guarantee against financing facility of Rs15.25 billion from local banks for evacuation of power from two Thar coal-based power projects.
Federal Minister for Finance and Revenue, Dr Abdul Hafeez Shaikh chaired the ECC meeting on Wednesday.
The secretary national food security and research updated the committee about the import of 300,000 MT of wheat through Trading Corporation of Pakistan (TCP) in compliance with the earlier decision of the ECC dated 20-01-2021. Accordingly TCP opened the ninth international tender. The ECC approved to import 300,000 MT of wheat.
The ECC also approved a summary by the Ministry of Energy (Power Division) regarding the government of Pakistan’s (GOP) sovereign guarantee against financing facility of Rs15,250 million from local banks for evacuation of Power from 2×660 MW Thar Coal Based Project (SSRL/SECL).
The chairman Naya Pakistan Housing and Development Authority (NAPHDA) presented a revised eligibility criteria for selection of applicants, modalities for payment of cost subsidy and mechanism for release of funds with reference to the special incentive package for Housing and Construction sector, announced by the Prime Minister in July 2020. After due deliberation, the committee approved the stipulated eligibility criteria and payment mechanism for cost subsidy against 100,000 housing units to be constructed during phase-I by the end of the year.
The committee urged NAPHDA to facilitate access to housing finance at affordable rates for expanding housing ownership in accordance with the vision of the Prime Minister, enabling low-to-middle income groups to avail low-cost housing facilities according to their affordability.
The ECC approved another summary by the NAPHDA seeking permission to enter into negotiated procurement agreements for construction of low-cost housing through public-private partnerships (PPPs).
Similarly, the committee also approved a summary by NAPHDA about revision in key parameters of Mark-up Subsidy Scheme for housing finance, as recommended by the State Bank of Pakistan, to ensure maximum participation for access to quality housing at an affordable price by fulfilling a relatively relaxed eligibility criteria.
The Ministry of Industries and Production placed a summary before the committee regarding late payment surcharge (LPS) for operations of Sui Northern Gas Pipelines Limited (SNGPL) based fertilizer plants between September 2018 and November 2019. After seeking input from relevant stakeholders, the committee deferred the summary with a direction that LPS may be calculated on the actual cost incurred and a revised proposal be placed before the committee for consideration.
The Ministry of Energy (Power Division) tabled a summary regarding the decision of the authority for fuel charge adjustment (FCA). After detailed discussion, the committee directed the Secretaries of the Finance and Power Divisions to deliberate further and present an updated proposal before the next ECC meeting.
The Power Division submitted another proposal regarding payment of outstanding dues and settlement of tariff issues with the Azad Jammu & Kashmir government. After detailed evaluation, a sub-committee was constituted under the chairmanship of the Adviser to the PM for Institutional Reforms Dr Ishrat Hussain including SAPM on energy, secretary finance, secretary power and representatives from the Ministry of Water Resources, WAPDA, NEPRA and the government of AJK.
The technical supplementary grants were also approved by the ECC including: Rs61 million for the Ministry of Railways; Rs29.38 million for National Heritage and Culture Division;Rs413.77 million for the Ministry of Housing and Works; and Rs233.443 million for Public Procurement Regulatory Authority (PPRA) for e-procurement system.
