November 24, 2023 (MLN): The Economic Coordination Committee (ECC) on Thursday mandated the Oil & Gas Development Company (OGDCL) to submit a Supplemental Agreement to Kotra PCA and a revised field development plan for Jhal Magsi South D&PL in order to qualify for gas price incentives.
According to a press release issued on the said day, the ECC discussed and reviewed certain crucial projects in its meeting.
The above-mentioned agenda was tabled by the Ministry of Energy (Petroleum Division) regarding the application for the grant of marginal policy pricing incentives for the Jhal Magsi South Development & Production Lease (D&PL), covering an Area of 17.71 Sq Kms located in District Jhal Magsi, Balochistan.
The committee also considered the summary submitted by the Ministry of Industries & Production regarding the offers received for the import of 200 KMT Urea on a G2G/tender basis.
The ECC, after detailed discussion and deliberation, decided to allow the import of the required amount of urea fertilizer for the Rabi season on the basis of the G2G format and in line with normal procedure requested the Ministry of Commerce and Industry to direct the Trading Corporation of Pakistan (TCP) to take further necessary action in this context.
A summary of the Ministry of National Food Security & Research regarding “Cash Credit Limits for Punjab and Sindh for the Quarter July-September, 2023” was discussed by ECC.
It was decided to approve the Cash Credit Limit of Rs540 billion for Punjab and Rs214bn for Sindh for the quarter of July-September 2023.
The ECC also advised Punjab and Sindh to settle the unsecured exposure of Commodity debt.
Moreover, it was decided that in future, Finance Division may monitor the CCL requirement of Punjab and Sindh with the view that Provinces have been taking steps for settlement of their unsecured exposure and that CCL may be issued to the extent of unsecured exposure and the CCL may be issued to the extent of unsecured exposure as reported on 30th September 2023.
Also, the CCL of the quarter April-June 2023 of Punjab and Sindh, already issued by the Finance Division was endorsed too.
The summary of Ministry of National Health Services, Regulation, and Coordination regarding approval of an increase in MRPs of 262 Drugs under hardship Category as recommended by the Drug Pricing Committee (DPC) in its 56th and 57th Meeting was considered by the ECC.
It was observed that clear recommendations and required analysis were not given by M/o NHSR&C, as such the summary was not approved.
The Federal Minister for Finance, Revenue, and Economic Affairs, Dr. Shamshad Akhtar presided over the said meeting.
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Posted on: 2023-11-24T11:02:54+05:00
