ECC postpones hike in gas price

• The meeting of the ECC was chaired by the Advisor on Finance Dr Abdul Hafeez Shaikh in Islamabad.
• The ECC allowed SBP to sell its shares in House Building Finance Company Limited.

The Economic Coordination Committee (ECC) has postponed the approved hike in gas prices till the next meeting, where as they approved other important matters on Wednesday.

The meeting of the ECC was chaired by the Advisor on Finance Dr Abdul Hafeez Shaikh in Islamabad. As per details, the approval of the Ministry of Petroleum regarding the increase in gas prices has been postponed once again.

The ECC allowed the State Bank of Pakistan (SBP) to sell its shares in House Building Finance Company Limited (HBFCL). The meeting approved a grant of Rs80 million to meet the financial expenditure of the finance ministry for the financial year 2019-20 and a subsidy grant of Rs100mn for the information communication technology infrastructure required for implementation of the e-government program.

The ECC also approved the issuance of Rs350 million in connections with the Pakistan Steel Mills (PSM) payment of their outstanding gas bills of Sui Southern Gas Company.