March 15, 2022 (MLN): The Economic Coordination Committee (ECC) on Tuesday allowed the Ministry of Economic Affairs to sign 15 debt rescheduling agreements with various credit countries, finalized under the Debt Service Suspension Initiative (DSSI).
Last week, Pakistan signed two debt service suspension agreements amounting to $846 million under the G20 Debt Service Suspension Initiative (DSSI) framework with the Saudi Fund for Development (SFD).
Federal Minister for Finance and Revenue Mr Shaukat Tarin presided over the Economic Coordination Committee (ECC) of the Cabinet.
During the meeting, the Ministry of Economic Affairs submitted a summary on G-20 Debt Service Suspension Initiative (DSSI). The ECC allowed the Ministry of Economic Affairs to sign 15 debt rescheduling agreements with various credit countries, finalized under Debt Service Suspension Initiative (DSSI).
Besides, ECC approved the proposal of the Petroleum Division regarding issuance of sovereign guarantee amounting to Rs21,000 million in favour of M/s Faysal Bank Limited at a considerably lower markup rate for the remaining tenor of the loan i.e., 4 and ½ years along with the issuance of letter of comfort for new finance agreement w.r.t pipeline infrastructure development project LNG-II.
On a proposal of Petroleum Division for re-allocation of OGDCL’s Jhal Magsi gas to SSGCL, the ECC allowed reallocation of 15 MMCFD Jhal Magsi gas to SSGCL. SSGCL would carry out the project of gasification of Jhal Magsi town and would embark the required gas out of the proposed allocation. The injection of this gas will help mitigate SSGC’s gas demand-supply deficit.
Moreover, on a proposal of Petroleum Division for allocation of gas from Mari (Deep) gas reservoir to M/s SNGPL, the ECC approved in principle up to 110 MMCFD gas from Mari deep (Goru-B) gas reservoir allocation to SNGPL till 30-06-2024 on a firm basis with direction for the determination of price mechanism of gas.
Federal Minister for National Food Security and Research Syed Fakhar Imam, Federal Minister for Planning, Development and Special Initiatives Mr Asad Umar, Federal Minister for Economic Affairs Mr Omar Ayub Khan, Federal Minister for Industries and Production Makhdoom Khusro Bakhtiar, Federal Minister for Energy Mr Hammad Azhar, Adviser to the Prime Minister on Commerce & Investment Mr Abdul Razak Dawood, Federal Secretaries and senior officials participated in the meeting.
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