ISLAMABAD: Economic Coordination Committee (ECC) of the federal cabinet has endorsed the Karachi Transformation Plan (KTP) and allowed revision in the master plan for five terminals at Port Qasim.
Federal Minister for Finance and Revenue Dr Abdul Hafeez Sheikh chaired the meeting in Islamabad. The Ministry of Planning, Development and Special Initiatives presented a detailed presentation on Karachi Transformation Plan (KTP) before the committee.
The forum discussed the plan thoroughly and endorsed, in principle, with the direction to secure approval from all relevant quarters before submission to the federal cabinet. The president chair directed to follow all formalities with reference to various components of KTP.
The ECC approved the issuance of $500 million Eurobonds by WAPDA to arrange finances for Diamer-Basha and Mohmand Dams in consultation with the Finance Division and the State Bank of Pakistan.
It also approved amendments in the Master Plan for establishing 05 terminals including two LNG terminals, two multipurpose cargo terminals and one integrated container terminal.
Ministry of Maritime Affairs presented amendments in the Master Plan, originally formulated in 2001, regarding the establishment of five terminals which would fulfill the increased demand for container handling capacity.
The ECC also has approved duty and tax-free import of cryogenic oxygen tanks for better handling of COVID-19 situation. The duty-free import of cryogenic tanks would ensure uninterrupted supply of oxygen gas at competitive rates.
A technical supplementary grant of 4,189 million rupees for the execution of development schemes in Sindh and Balochistan approved in the meeting. An amount to the tune of Rs 757.100 million was approved for the completion of different projects under Sustainable Goals Achievement Program (SAP).
The committee approved Rs.500 million for the reimbursement of the fee for less developed areas as requested by the Higher Education Commission, Rs.500 million for the Ministry of Housing and Works to provide interest free loans to borrowers under Prime Minister’s Low-Cost Housing Scheme.
It also approved Rs. 327 million for Auditor General of Pakistan to sustain the World Bank’s public financial management and accountability service delivery project during FY 2020-21.
