PR No.89 Islamabad

The Federal Minister for Finance Senator Mohammad Ishaq Dar chaired the meeting of the Economic Coordination Committee of the Cabinet here at the Prime Minister’s Secretariat, Islamabad.

Keeping in view the hardship of employees families, ECC has approved 3 months’ salary for the employees of Pakistan Steel Mill Corporation. Improving upon the previous practice of approving 2 months salaries, the Chair approved provision of 3 months salaries for the employees of the Pakistan Steel Mills Corporation.

The Ministry of National Food Security and Research gave a detailed presentation regarding supply position of grain pulse and its prices in the international market. The Chair directed the ministry to monitor supply position and prices of gram pulse to cater the country’s demand. ECC also asked the Ministry to co-ordinate with the provincial governments for ensuring price control and steady supply of gram pulse in the market.

ECC of the Cabinet approved issuance of sovereign guarantee by Government in respect of Syndicated Term Finance Facility amounting to rupees 136.5 billion for the power sector. The decision was taken on the request of the Ministry of Water and Power as the Power Holding (Private) Limited is a public sector entity and will be responsible for arranging loan amounting to rupees 136.5 billion for power sector companies.

ECC allowed Ministry of Petroleum and Natural Resources for replacement of Lower Zakum crude price with Das Blend crude price to determine basket price for Oil Refineries. The Ministry of Petroleum and Natural Resources apprised the ECC that previously the Lower Zakum crude oil was included for determining basket price of crude being supplied to Oil Refineries in Pakistan. The Platts Global Alert has stopped publishing the price of the Lower Zakum crude oil, therefore, requisite replacement was accorded.

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