ECC approves plan to raise Rs136 bn financial facility

ISLAMABAD: Economic Coordination Committee of the federal cabinet has approved a proposal of Ministry of Energy to raise finance facilities of Rs136.45 billion and Rs30 billion for adjustment of existing finance facilities of Power Holding Limited.

Meeting of the ECC was held in Islamabad on Wednesday chaired by Adviser to Prime Minister on Finance Dr Abdul Hafeez Shaikh.

On a proposal by the Commerce Division, the ECC took up the import of used vehicles under personal baggage, transfer of residence and gift schemes which require the payment of duties and taxes to be paid out of foreign exchange.

It allowed the importers to meet any shortfall in arrangement of required foreign remittance for payment of duties and taxes through local sources. The ECC decision would help clear up a total of 1017 vehicles currently stuck at Karachi port.

The ECC also approved a proposal authorising the Ministry of Communications to proceed for Procurement of consultancy services for Section-III Kalkatak-Chitral (48 km) under the Chakdara-Chitral Road Project (N-45).

The ECC also approved a proposal by the Finance Division for acquisition of 8.5 percent additional shares of EPCL South Africa by enhancing Standby Letter of Credit by $2.7 million which would bring the aggregate investment of Packages Limited to $17.7 million.

The ECC also considered and approved two separate proposals by the Ministry of National Health Services for one technical supplementary grant of Rs784 million to pay for increase in the allowances of doctors.

It also approved another technical supplementary grant of Rs228.547 million to pay for the increase in allowances and stipends of regular and student nurses and of Pakistan Institute of Medical Sciences, Polyclinic, National Institute of Rehabilitation Medicine, and Federal General Hospital.

The ECC also took up separate proposals of Defence Division for one technical supplementary grant of Rs6.210 billion to pay for recurring cost of the Special Security Division (North) and another technical supplementary grant of Rs4.966 billion to pay for Internal Security Duty Allowance to army troops deployed at the western border.