PR No.35 Islamabad: March 07, 2018

Prime Minister Shahid Khaqan Abbasi chaired meeting of the Economic Coordination Committee (ECC) today at PM Office. The ECC reviewed progress into its earlier decision of directing Trading Corporation of Pakistan to procure 0.3 Million Metric Tons of sugar from sugar mills. It was reiterated during the meeting that the decision was taken by the forum to facilitate sugar mills for timey procurement of sugarcane and to ensure payments to the farmers at prescribed rates. The meeting was informed that no bid was received against the TCP tender for procurement of sugar at Rs. 48 per Kg. Signing of Headquarter Agreement between Government of Pakistan and SAARC Arbitration Council (SARCO) for exemption from duties and taxes to SARCO and its officials was approved. The ECC accorded approval to a proposal to link price of JP-8 petroleum product with ex-refinery price of JP-1. Issuance of GoP Sovereign Guarantee against financing facility of PKR 13,132 Million from local banks for evacuation of power from 1320 MW imported coal power plant at Hub was also approved. The ECC approved a plan to settle power sector payables that will ensure that government-owned companies including PSO, SSGPL, SNGPL, Gencos, DISCOs and nuclear power plants continue to operate normally. The Government will also settle outstanding dues of IPPs after reconciliation and pre-audit in the prescribed manner to ensure transparency. The ECC also approved procurement target of 6.100 million tons of wheat for the year 2017-18. The ECC also approved three months salary (October to December 2017) for the employees of Pakistan Steel Mills Corporation (PSM). *** ?