The Federal Minister for Finance, Revenue, and Economic Affairs, Dr. Shamshad Akhtar presided over a meeting of the Economic Coordination Committee (ECC) of the Cabinet, today. The meeting was attended by the Minister of Planning, Development and Special Initiatives Mr. Sami Saeed, the Minister for Privatization Mr. Fawad Hasan Fawad, Minister for Power & Petroleum Mr. Muhammad Ali, Advisor to PM on Finance Dr. Waqar Masood, Federal Secretaries, and other senior government officials of the relevant ministries. ECC considered a summary of Ministry of Energy (Power Division) regarding approval of the draft PPAA, ICA, TDA & Mediation Agreements to be signed with the K-Electric. The Power Division informed the Committee that the Agreements had been prepared on the recommendations of the Task Force constituted by the Prime Minister of Pakistan for resolving issues between KE & various government entities. The signing of the agreements would resolve long pending issues and regular payment will be streamlined by all the parties to avoid an addition in the circular debt. The ECC discussed the draft agreements in detail and asked Power Division to provide further information and detailed working to clarify the observations raised by ECC. The matter will be discussed again in the next meeting once the additional information is provided. Pakistan Bureau of Statistics, Ministry of Planning, Development and Special Initiatives briefed the ECC on the inflation situation. The key price indicators were submitted for the information of ECC. It was informed that inflationary pressures are continuing to persist; however, it declined from its peak of 38 percent in May 2023. Recent energy price adjustments have thwarted downward trajectory and inflations spiked in November 2023 to 29.2 percent. Inflationary expectations are lowest in almost 12 months and exchange rate stability has played an important role in it. ECC directed the relevant Ministries to work with Provinces to ensure availability of fertilizer to farmers at notified rates. It was also directed that strict actions be taken against the fertilizer dealers over charging the farmers beyond the prescribed price.
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