ECC greenlights resolution for coal projects, deliberates TAPI, applauds EOBI’s growth

December 28, 2023 (MLN): The Economic Coordination Committee (ECC) of the Cabinet, on Thursday, approved the settlement for capacity deduction issues of imported coal-based projects and the subsequent execution of the side agreement with Port Qasim Electric Power Company (PQEPCL), the press release issued by the Finance Division said. 

During the meeting, the summary for approval of the TAPI project as a Qualified Investment Incentive Package under the Foreign Investment (Promotion and Protection) Act, 2022 (FIPPA) was discussed at length.

The forum observed that it was a much-needed project and should be launched immediately. The ECC also observed that the proposal for inclusion of the project under the FIPPA Act required further deliberations and examination of the legal aspects, incentives and concessions.

The ECC also considered a summary of the Ministry of Overseas Pakistanis and Human Resource Development for approval of the Budget of Employee Old Age Institution (EOBI).

ECC was informed that EOBI’s contribution collection had remained stagnant during past years but had recently witnessed a substantial increase of around Rs100 billion.

ECC appreciated EOBI for its good performance and was directed to strictly follow the budget calendar and prepare a long-term plan to clear the Rs2 trillion liabilities of pension dues. The forum approved the proposed budget of the organisation.

In addition, the Pakistan Bureau of Statistics (PBS) briefed the meeting on the inflation situation and the latest trends in the prices of various essential commodities.

ECC directed the National Price Monitoring Committee (MPMC) to continue regular coordination with the provincial governments for measures to ensure price stability and to check hoarding and profiteering.

A meeting of the Cabinet Committee on State-Owned Enterprises (SOEs) was also held today which approved the publication of the consolidated report of the State-Owned Enterprises for FY 2019-2020, 2020-2021 & 2021-2022.

The meeting was presided over by the Federal Minister for Finance, Revenue, and Economic Affairs, Dr. Shamshad Akhtar.

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