ISLAMABAD: Economic Coordination Committee of the Cabinet (ECC) meeting, under the chairmanship of Federal Finance Minister Ishaq Dar, approved the Automotive Development Policy 2016-21.
According to a statement issued by the Ministry of Finance, the policy aims to facilitate higher volumes, better investment, enhanced competition and better quality with latest technology. It also aims to create a balance between industrial growth and tariffs to ensure sustainability for all stakeholders. It would also ensure consumer welfare besides aiming at providing policy consistency and predictability for investors. The Automotive Development Policy (ADP) 2016-21 will be formally launched on Monday.
On the proposal submitted by the Ministry of Petroleum and Natural Resources, ECC allowed 45mmcfd raw gas from OGDCL’s Qadirpur Gas Field to be allocated to TNB LPL up to year 2025-26 enabling the plant to continue to provide 211MW net power to the national grid. ECC allowed increase in the limit of the GoP guarantees for PIA from Rs 146 billion to Rs 151 billion to help the national carrier pay its liabilities. The ECC considered and approved the proposal submitted by Ministry of National Food Security and Research for extension in the date for export of wheat/wheat flour till June 15.
