ISLAMABAD: The Econ-omic Coordination Committee (ECC) of the Cabinet has formed a committee to prepare a proposal for clearing Petroleum Division’s circular debt of over Rs1020 billion within a month. Sources said the total circular debt of the Petroleum Division including interest payment had accumulated to Rs1.6 trillion with Rs1020 principal amount, and Rs580 billion interest payment. The ECC meeting presided over by the Adviser to the Prime Minister on Finance, Dr Abdul Hafeez Shaikh, on Wednesday formed a committee with all the relevant stakeholders (the Finance Division, the Power and Petroleum Division, the Planning Division, the Securities Exchange Commission of Pakistan (SECP), the Oil and Gas Regulatory Authority (OGRA), the Oil and Gas Development Company (OGDCL), the Pakistan State Oil (PSO), the Sui Northern Gas Company Limited (SNGPL), the Pakistan Petroleum Limited (PPL), the GHPL, and the PLL.
The meeting directed the committee to prepare a well-rounded proposal on modalities for clearing the circular debt of the Petroleum Division in a month, and submit before the ECC.
The ECC also decided that the issue of circular debt may be considered holistically, and a solution may be worked out to resolve the issue.
The meeting also approved technical supplementary grants for the NAB, the Ministry of Health for Immunization Program, the Ministry of Religious Affairs on account of hajj expenses and for the Anti-Narcotics Force.
The Ministry of National Food Security and Research updated the ECC on the situation of wheat import in the country.
The ministry briefed the ECC that the TCP had opened the 6th tender for 110,000MT of wheat and after price matching the total picked up quantity would be 320,000MT.
The Food Ministry also informed that there would be sufficient availability of wheat in the country by January 2021, and with the increase in supply, the prices would be lowered eventually.
The ECC also enhanced the quota of Gilgit-Baltistan by another 10,000 MT as per their request (from 150,000 MT to 160,000 MT).
The modalities for increased quota for the GB shall be decided later. An official said that the Trading Corporation of Pakistan (TCP) would import 1.497 million metric tonnes wheat up to January 2021 with last 13 vessels were expected to arrive in the country with 680,000 MT wheat.
Copyright Business Recorder, 2020
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