AVN 47.00 Increased By ▲ 0.35 (0.75%)
BAFL 28.59 Increased By ▲ 0.09 (0.32%)
BOP 3.76 Increased By ▲ 0.05 (1.35%)
CNERGY 3.16 Increased By ▲ 0.03 (0.96%)
DFML 11.05 Increased By ▲ 0.36 (3.37%)
DGKC 53.10 Decreased By ▼ -0.59 (-1.1%)
EPCL 42.81 Increased By ▲ 0.26 (0.61%)
FCCL 12.05 Decreased By ▼ -0.08 (-0.66%)
FFL 5.98 Increased By ▲ 0.05 (0.84%)
FLYNG 5.90 Decreased By ▼ -0.09 (-1.5%)
GGL 10.09 Increased By ▲ 0.19 (1.92%)
HUBC 68.60 No Change ▼ 0.00 (0%)
HUMNL 5.72 Increased By ▲ 0.07 (1.24%)
KAPCO 22.10 Increased By ▲ 0.20 (0.91%)
KEL 1.79 Increased By ▲ 0.01 (0.56%)
LOTCHEM 29.30 Increased By ▲ 0.90 (3.17%)
MLCF 28.40 Decreased By ▼ -0.05 (-0.18%)
NETSOL 73.45 Increased By ▲ 1.05 (1.45%)
OGDC 76.51 Increased By ▲ 1.01 (1.34%)
PAEL 9.27 Increased By ▲ 0.07 (0.76%)
PIBTL 4.11 Decreased By ▼ -0.13 (-3.07%)
PPL 59.26 Increased By ▲ 1.25 (2.15%)
PRL 14.30 Increased By ▲ 0.22 (1.56%)
SILK 1.12 Increased By ▲ 0.01 (0.9%)
SNGP 42.60 Increased By ▲ 1.85 (4.54%)
TELE 6.68 Increased By ▲ 0.09 (1.37%)
TPLP 11.93 Increased By ▲ 0.23 (1.97%)
TRG 93.75 Decreased By ▼ -0.05 (-0.05%)
UNITY 12.96 Decreased By ▼ -0.07 (-0.54%)
WTL 1.17 Increased By ▲ 0.01 (0.86%)
BR100 4,143 Increased By 12.4 (0.3%)
BR30 14,186 Increased By 108.8 (0.77%)
KSE100 41,469 Increased By 115.8 (0.28%)
KSE30 14,710 Increased By 45.5 (0.31%)
Follow us

ISLAMABAD: The Economic Coordination Committee (ECC) of the Cabinet has approved the draft Transaction Advisory Agreement (TASA) for the hiring of the International Finance Corporation (IFC) as transaction adviser (TA) for outsourcing the three airports – Islamabad, Karachi, and Lahore.

The meeting of the ECC presided over by Finance Minister Ishaq Dar was submitted a summary by the Ministry of Aviation, on Thursday, in this regard.

The meeting was informed that outsourcing of three airports has been initiated within the scope of Public-Private Partnership Act-2017 to engage private investor, airport operator through a competitive and transparent process to run the airports, develop appertaining land assets and enhance avenues for commercial activities and to garner full revenue potential.

In this regard, the meeting was further informed that the International IFC, a part of the World Bank Group, has been qualified as a transaction advisor. The ECC after discussion approved the draft TASA reached with the IFC by Pakistan Civil Aviation Authority (PCAA) for outsourcing of three airports.

Three airports: ECC all set to reconsider engaging IFC as transaction adviser

An official said that the Ministry of Aviation while giving details and so far process with regard hiring of transaction adviser for outsourcing of airports requested to the ECC that the PCAA Board approved the presented draft TASA subject to legal vetting by the Ministry of Law and Justice.

At the same time, PCAA Board observed that since the TASA is based on a success fee model with penalties for failure to proceed with the transaction on the part of the client, there is a need for strong political commitment for the outsourcing of the operation of three target airports from our side.

The ministry added that in view of the past experience briefly mentioned in the summary, a clear demonstration of such a commitment will also be crucial not only for the completion of this process but more importantly, promoting a good competition and thus fetching the true monetary benefits from outsourcing of the airports.

At the same time, it will also help in building confidence of the IFC as to our adherence to the terms and conditions of TASA and payment of their fee etc. in dollar terms. For these reasons, the PCAA Board directed that the draft TASA should be placed before the Economic Coordination Committee of the Cabinet for their information and concurrence.

The ECC also considered and approved Ministry of Energy (Petroleum Division)’s proposal and approved declaration of commerciality and field development plan over Hilal and Iqbal discoveries in favour of M/s Mari Petroleum Company Limited (MPCL).

The meeting also granted second two years’ renewal over Kirthar exploration license block in favour of Polish Oil and Gas Company Limited (POGC), wef, 28-08-2022 as well as granted permission of extended well testing (EWT) over Ghazi-1 discovery to Mari Petroleum Company Limited (MPCL).

Additionally, the ECC also approved; (i) Technical Supplementary grants for the current fiscal year of Rs607.6 million in favour of the Ministry of Energy (Power Division) for the execution of development schemes in Sindh province;(ii) Rs1,689.5 million in favour of the Ministry of Housing and Works for the execution of development schemes under SDGs Achievement Programme (SAP) in the KPK and Sindh provinces;(iii)Rs5,000 million in favour of the Ministry of Housing and Works for the execution of development schemes in erstwhile Fata.

The ECC deferred a summary submitted by the Ministry of Energy (Power Division) on the implementation agreement signed between the government of Pakistan and K-Electric (erstwhile KESC) on the pending issue of payment of duties and taxes.

Copyright Business Recorder, 2023


1000 characters
test Mar 31, 2023 09:34am
Please for God's sake start local manufacturing and stop 'importing and assembling products'. Ban foreign companies for not manufacturing products entirely in Pakistan and also for not bringing 100s of billions of dollars investment to Pakistan. Our elite class has below the table commissions commitments with these foreign companies and they pay them plus massive dollars are wasted to import products which can be locally manufactured.
thumb_up Recommended (0) reply Reply
Mian Arslan Mar 31, 2023 11:00am
thumb_up Recommended (0) reply Reply
Mian Arslan Mar 31, 2023 11:01am
Hello I am interested in advertising for this role
thumb_up Recommended (0) reply Reply
John Mar 31, 2023 01:48pm
Crooks and Corrupt Inc has compromised security of the country!
thumb_up Recommended (0) reply Reply
dr fahad Mar 31, 2023 03:13pm
@test, poor people are breading like rabbits and increasing every year by 5 million . its not anyone responsibility to feed these poor people . if anyone make baby he should feed it .
thumb_up Recommended (0) reply Reply
Awais Ali Apr 01, 2023 04:39am
السلام علیکم جی کیا حال ہے جی پاسپورٹ بنگےہے
thumb_up Recommended (0) reply Reply
Hamid Khan Apr 03, 2023 10:19am
@dr fahad, Comments from an Unscrupulous Mindset.
thumb_up Recommended (0) reply Reply

Airports’ outsourcing: ECC approves draft TASA for hiring IFC as TA

Intra-day update: rupee falls against US dollar in inter-bank and open markets

IATA says blocked airline funds by countries including Pakistan threaten connectivity

Oil up $1 on Saudi plan to deepen output cuts from July

Bangladesh power cuts may last two more weeks on fuel shortages

Virtual pipeline LNG import terminal: Govt mulling granting tax exemptions

AEDB grants 6-month LoI extension to two wind IPPs

IK says will be tried in military court

Roosevelt Hotel given to NYC govt for 3 years: govt

PIA starts direct Karachi-Skardu flights

Crackdown on tax defaulting vehicles to begin today