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Print

ECC approves textile policy with certain amendments

  • Postpones two summaries of the Power Division on its agenda
Published February 10, 2022

ISLAMABAD: A meeting of the Economic Coordination Committee (ECC) of the Cabinet has approved revised Textiles and Apparel Policy, (2020-25) after incorporating certain amendments.

The meeting presided over by Minister for Finance Shaukat Tarin was submitted revised Textiles and Apparel Policy, 2020-25 by the Ministry of Commerce subsequent to incorporating a few changes along with the implementation report. When asked, an official on condition of anonymity said gas supply to the captive power plants has been defined by incorporating changes in the policy.

The ECC has postponed two summaries of the Power Division on its agenda with the first one regarding Settlement of Payables to Government-Owned Power Plants and the other for reinstatement of a tax on dividend for investors/shareholders of the IPPs.

On a summary moved by the Ministry of Communications, the ECC after detailed deliberation approved the Ministry of Communication request for issuance of sovereign guarantee or SBLC worth of Rs6,944.0 million against Operational Viability Gap Funding (VGF) for the construction of Sialkot (Sambrial)–Kharian Motorway project on BOT basis.

Textile, Apparel Policy: MoC prepares revised draft

On a summary moved by the Ministry of Energy, Petroleum Division for 15 years’ extension of the lease contract between Saindak Metals Limited and MCC China for Saindak Copper-Gold Project, the ECC allowed lease contract extension with recommendations to review financial aspect of the project annually by the professional expertise.

The meeting also approved the Ministry of Energy, Petroleum Division’s summary on the determination of RLNG sale price for PLL’s supply to K-Electric (KE).

On another summary of the Ministry of Energy, Petroleum Division, for revision of gas price of Mazarani Gas field held by M/s PPL and the GHPL, the ECC approved the proposal of revision of gas price applicable to Mazarani Gas Field from US$ 1.75/MMBTU to US$ 3.75MMBTU from 1st September 2021.

The ECC also considered and approved Technical Supplementary Grants (TSG) submitted by various ministries/divisions.

The meeting was attended by ministers for National Food Security and Research Syed Fakhar Imam, Energy Hammad Azhar, Privatization Muhammed Mian Soomro, Adviser to the Prime Minister on Commerce and Investment Abdul Razak Dawood, federal secretaries, and senior officers attended the meeting.

Copyright Business Recorder, 2022

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