PR No.29 ECC Meeting Islamabad: April 4, 2016

The Economic Coordination Committee of the Cabinet (ECC) in its meeting chaired by the Finance Minister, Senator Mohammad Ishaq Dar here on Monday considered and approved various proposals submitted by Ministries/ Divisions.

ECC considered and approved proposal of Ministry of National Food Security and Research for public sector procurement of wheat crop 2015-16. It was decided that 7.05 million tons of wheat will be procured by all the four provinces and PASSCO till 31st of August 2016.

ECC approved Ministry of Water and Power’s proposal regarding provision of GoP guarantee to open second Letter of Credit for setting up two 1000-1200 MW projects at Haveli Bahadur Shah, distt Jhang and Balloki, distt Kasur.

The ECC on a proposal from the Federal Board of Revenue accorded approval to extend the period for reduced withholding tax rate of 0.4% on banking transactions by non-filers till 30th April 2016.

On a proposal of Ministry of Petroleum, the ECC approved allocation of 100 MMCFD gas to the Govt. of KP for use in power generation, either at its own or through partnership with the private sector. The proposal was based on the MOU recently signed between the Federal Government and the Provincial Government.

On a proposal submitted by the Ministry of Water & Power regarding executing the Power Purchase Agreement by CPPA-G pertaining to imported RLNG based power projects, the ECC accorded approval to authorize CPPA to develop and execute the PPA for the three RLNG based power projects in the Public Sector.

The ECC considered and approved a proposal submitted by the Ministry of Water and Power regarding extension in grace period by Bank Alfalah under term finance facility from two years to four years in respect of Power Holding (Pvt) Limited. Consequently tenure of the facility shall stand extended up to seven years.

ECC considered and approved proposal from the Ministry of Petroleum and Natural Resources regarding extension in certain deadlines under Policy Framework for Up-gradation and Expansion of Refinery Projects.