ECC approves continuation of concessionary rates of electricity & Re-Gasified LNG
ECC also decided Finance Division will continue with existing guarantee of Rs31bn for power sector.
ISLAMABAD (Dunya News) – Economic Coordination Committee (ECC) of the Cabinet on Wednesday approved continuation of concessionary rates of electricity and Re-Gasified Liquefied Natural Gas for export oriented sectors.
Adviser on Finance and Revenue Dr. Abdul Hafeez Shaikh chaired the meeting of the Committee in Islamabad on Wednesday.
It has been worked out by the Power Division that for July-August 2020, the electricity to export oriented sectors may be provided at US cents 7.5/kWh all inclusive and thereafter at US Cents 9/kWh all inclusive for the rest of the financial year 2020-21.
ECC also decided that Finance Division will continue with the existing guarantee of 31 billion for the power sector through Power Holding Company.
The Committee also gave approval of formation of an Advisory Committee for the release of unsold Next Generation Mobile Services (NGMS) spectrum.
As per the composition of the committee, Adviser to Prime Minister on Finance & Revenue would be its chairman while Federal Minister for Information Technology and Telecommunication, Adviser to PM on Commerce, Minister for Industries and Production, Federal Minister for Planning, Development and Special Initiatives would be its members.
As per the Terms of Reference of the Committee (ToRs), the committee would be mandated to examine and evaluate the market assessment report and recommendations of PTA for release of maximum NGMS spectrum in Pakistan.
It would also examine and finalize the policy directives for the federal government for the release of NGMS spectrum in Pakistan and oversee the release process to be conducted by PTA.
Meanwhile, ECC also approved the amendment in the minutes of an earlier decision (based on the directives given earlier in the meeting of 22 July 2020) related to subsidy of the Naya Pakistan Housing and Development Authority.
The amended and approved decision states “approval of allocation of Rs. 33,095 million on account of 10 years markup subsidy on loans with tenor up to 20 years with supplementary grant of Rs. 4,774 million on account of markup payment during the current financial year (FY 2020-21).
