ISLAMABAD: The Economic Coordination Committee (ECC) of the Cabinet has decided to allow appointment of foreign engineering consultant for planning, preparing, reviewing, and updating of Master Plan of Port Qasim Authority, Karachi.
The ECC meeting presided over by Finance Shaukat Tarin, on Wednesday, was submitted a proposal for appointment of a foreign engineering consultant for planning, preparing, reviewing and updating of Port Master Plan of Port Qasim Authority, Karachi. The meeting after a detailed discussion approved the proposal of the Ministry of Maritime Affairs. The ECC also directed that all matters where the authority is using its own funds, after following the standard procedures, may be decided by the boards/ministries for ensuring efficient progress on important matters.
On a summary moved by the Ministry of Energy (Petroleum Division) for approval of around $24 million for restarting exploration activities in Block-8 Iraq by the PPL, the Finance Ministry stated that the proposal was approved subject to revalidation of feasibility of investment.
However, an official said that the ECC wanted an audit to justify the spending and quoted the finance minister that “you have to justify that you are not throwing good money after bad”.
The Finance Ministry stated that the ECC allowed the revalidation with the direction to the PPL Board to revalidate feasibility of investment.
The meeting was informed that the government had allowed the PPL to undertake the committed exploration activities with a minimum financial obligation of US$ 100 million (in 2012); out of which US$ 77.6 million has already been invested.
The meeting also approved the request of the Ministry of Overseas Pakistanis and Human Resource Development regarding the federal government’s grant for pension support amounting to Rs4.52 billion with a decision that the expenditure may be met from own resources as the EOBI is a self-financing entity.
The Board of Trustees of the EOBI was also directed to look into other possibilities of meeting the pension liabilities. The ECC granted approval to the proposal of the Ministry of Energy (Petroleum Division) for the re-opening of the Kohat Oil Depot under the Inland Freight Equalization Margin (IFEM) mechanism.
The reopening of the depot will add approximately 2,000 kilo liters to the country’s storage capacity.
The ECC approved technical supplementary grants which included: (i) Rs873.320 million for the Ministry of Defence for meeting the expenses of its various Executive Departments; (ii) Rs1.5 billion for the Finance Division for providing food subsidy of the government of AJ&K; (iii) Rs5 billion for the Ministry of Interior for the Phase III of Civil Armed Forces raising; (iv) Rs190 million for the Ministry of Interior for paying off liabilities on account of internal security duty allowance; (v) Rs320 million for the Ministry of Interior for meeting the outstanding administrative expenses; (vi) Rs204.149 million for the Ministry of Interior to meet the pending liabilities of the Shuhada Families (HQs Frontier Corps KP North); (vii) Rs957 million for the Ministry of Interior for meeting the Employee Related Expenses of the Pakistan Rangers (Punjab); (viii) Rs456 million for the Ministry of Interior for meeting the requirements of Sustainable Goal Achievement Programme; (ix) Rs250 million for National Heritage and Culture Division for establishing “Federal Government Artist Welfare Fund”; (x) Rs150 million for the Revenue Division to meet its operating expenses; and (xi) three other technical supplementary grants of Rs1.762 billion, Rs3.25 billion, and Rs7.87 billion were approved for the Finance Division for providing funds to the KP and Punjab governments for strengthening hospitals and for effective response to the Covid-19 and other natural calamities.
Federal Minister for Economic Affairs Division, Minister for Interior, Minister for Privatization, Minister for Maritime Affairs, Minister for National Food Security and Research, SAPM on Finance and Revenue, Adviser to the PM on Commerce, Adviser to the PM on Institutional Reforms and Austerity, SAPM on Energy, and Governor State Bank of Pakistan, attended the meeting.
Copyright Business Recorder, 2021
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