ISLAMABAD: Federal Minister for Finance and Revenue, Shaukat Tarin, chaired the meeting of the Economic Coordination Committee (ECC) of the Cabinet here at the Cabinet Division.
Federal Minister for Economic Affairs Division, Minister for Interior, Minister for Privatization, Minister for Maritime Affairs, Minister for National Food Security and Research, SA PM on Finance and Revenue, Adviser to PM on Commerce, Adviser to PM on Institutional Reforms and Austerity, SA PM on Energy and Governor State Bank of Pakistan attended the meeting.
ECC approved the request of the Ministry of Overseas Pakistanis and Human Resource Development regarding Federal Government grant for pension support amounting to Rs. 4.52 billion. ECC decided that the expenditure may be met from own resources as EOBI is a self financing entity. The Board of trustees of EOBI was also directed to look into other possibilities of meeting the pension liabilities.
ECC also approved the proposal of the Ministry of Maritime Affairs for “Appointment of Foreign Engineering Consultant for planning, preparing, reviewing and Updating of Port Master Plan of Port Qasim Authority, Karachi. The ECC directed that all matters where the Authority is using its own funds, after following the standard procedures, may be decided by the Boards/ Ministries for ensuring efficient progress on important matters.
ECC granted approval to the proposal of the Ministry of Energy (Petroleum Division) for the re-opening of the Kohat Oil Depot under the Inland Freight Equalization Margin (IFEM) mechanism. The re-opening of the depot will add approximately 2000 kilo liters to the country’s storage capacity.
The ECC approved the summary moved by the Ministry of Energy (Petroleum Division) for the revalidation of the ECC approval for exploration activities in Block-8 Iraq by PPL. Government of Pakistan allowed PPL to undertake the committed exploration activities with a minimum financial obligation of US$100 million (in 2012); out of which US$77.6 million have already have been invested. ECC allowed the revalidation with the direction to the PPL Board to revalidate feasibility of investment.
The following technical supplementary grants were approved by the ECC:
- Rs. 873.320 million for the Ministry of Defence for meeting the expenses of its various Executive Departments.
- Rs.1.5 billion for the Finance Division for providing food subsidy of the Government of AJ&K
- Rs. 5 billion for the Ministry of Interior for the phase III of Civil Armed Forces raising
- Rs.190 million for the Ministry of Interior for paying off liabilities on account of ‘internal security duty allowance’.
- Rs. 320 million for the Ministry of Interior for meeting the outstanding administrative expenses.
- Rs. 204.149 million for the Ministry of Interior to meet the pending liabilities of the Shuhada Families (HQs Frontier Corps KP North).
- Rs.957 million for the Ministry of Interior for meeting the Employee Related Expenses of the Pakistan Rangers (Punjab).
- Rs. 456 million for the Ministry of Interior for meeting the requirements of Sustainable Goal Achievement Program.
- Rs. 250 million for National Heritage & Culture Division for establishing “Federal Government Artist Welfare Fund”.
- Rs. 150 million for the Revenue Division to meet its operating expenses.
- Three other technical supplementary grants of Rs1.762 billion, Rs 3.25 billion and Rs. 7.87 billion were approved for the Finance Division for providing funds to KP and Punjab Governments for strengthening hospitals and for effective response to COVID-19 and other natural calamities.
