Prime Minister Shahid Khaqan Abbasi chaired a meeting of the Economic Coordination Committee (ECC) of the Cabinet at Prime Minister’s Office today.
The ECC approved the Ramzan Relief Package – 2018 for 19 daily use items provided by the Utility Stores Corporation. These items include flour, sugar, cooking oil & ghee, grams, basen, dates, rice, squashes, milk and tea. The Government will provide a subsidy of Rs. 1,733 million under the Ramzan Relief Package – 2018. The Prime Minister directed that under the Ramzan package daily use items should be provided at lower rates than the market.
The ECC accorded approval of the extension in Financial closing date of 660 KV HVDC Matiari-Lahore Transmission Line by 7 Months i.e., up to 1st December, 2018 without doubling the amount of Performance Guarantee. The decision has been taken to align the project with the completion of upcoming coal fired power projects being developed at Thar and near Karachi as well as 1100 MW K-2 project at Karachi.
The ECC approved a proposal of the Power Division for raising of Rs. 100 billion through commercial banks as a fresh financing facility to be arranged through Power Holding Private Ltd. (PHPL). The loan amount will be utilized for funding the liabilities of the power distribution companies towards Central Power Purchasing Agency (CPPA) and the sectoral entities.
Approval was accorded by the ECC for revision of Cess Rates of Tobacco for the Year 2017-18.
The ECC also allowed PASSCO to export 0.5 million tons of surplus wheat at a rebate of US$ 155 per ton through sea route.