ECC okays Rs37.3bn for clearing outstanding liabilities of utility companies

June 3, 2022 (MLN): The Economic Coordination Committee (ECC) of the Cabinet, has released funds amounting to Rs37.33 billion for clearing the remaining outstanding liabilities of the utility companies /agency partners by the Pakistan Post Office Department (PPOD), said a press release issued today.

Federal Minister for Finance and Revenue Mr Miftah Ismail presided over the ECC at Finance Division, today.

As per the details, the Ministry of Communication submitted a summary on funds required for clearing liabilities of the Utility Companies/ Agency partners of PPOD. The collection of utility bills is one of the agency functions performed by PPOD and the amount thus collected was deposited in SBP’s Central Account-1.

Liabilities to the tune of the amount of Rs62.33 billion have been accumulated till 31^st March 2022. Rs25 billion had already been approved on 15-04-2022 for payment to utility companies. The ECC after a detailed discussion granted permission to release funds amounting to Rs37.33 billion for clearing the remaining outstanding liabilities of the utility companies /agency partners by the PPOD after verification of claimed amount by SBP.

Federal Minister for National Food Security and Research Chaudhary Tariq Bashir Cheema, Federal Minister for Commerce Syed Naveed Qamar, Minister of State for Finance and Revenue Dr Aisha Ghous Pasha, Federal Secretaries and senior officers attended the meeting.

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