Hydro projects: Wapda asked to raise Rs 244 billion

The Economic Co-ordination Committee (ECC) of the Cabinet has postponed the approval of much-awaited price of LNG import till next meeting and allowed Wapda to raise Rs 244 billion for Dasu and Neelum-Jhelum hydro project.
A participant of the meeting told Business Recorder the meeting could not discuss the sale-purchase agreement for LNG import because Finance Minister Ishaq was suddenly called out by Prime Minister Nawaz Sharif. The Finance Minister said to have stated that the price of LNG will be discussed in the next meeting of the ECC, he added. The official added a special meeting of the ECC would be held on Friday to take up the sale-purchase agreement.
The ECC meeting on Wednesday chaired by Finance Minister, Ishaq Dar, however, gave a go-ahead to the Ministry of Petroleum for setting up of subsidiaries for import of LNG and construction of two more LNG termini. The ECC also set up a committee to review the legal requirements in this regard.
Ministry of Commerce has also moved a proposal to the ECC for permission to the Trading Corporation of Pakistan (TCP) regarding the sale of balance lint cotton stock.
The meeting allowed TCP to sell available lint cotton stock on a retail daily basis at minimum of the KCA spot rate through Commission Agent. The meeting directed the TCP to hire the services of a commission agent through an open tender.
The ECC also approved a proposal placed before it by Ministry of Water and Power with respect to allowing Water and Power Development Authority (Wapda) to raise commercial financing of Rs 144 billion for Dasu-I project, and Rs 100 billion for Neelum-Jehlum Hydropower Project from local banks through conventional/ Islamic mode of financing under government guarantees.
Sources said that ECC has approved Rs 100 billion, in principle, subject to clearance by Executive Committee of National Economic Council (ECNEC).
The ECC has also approved a proposal of Ministry of National Food Security & Research for payment of Rs 1.4 million to the transportation company, Mercedes Cargo Services on account of supply of wheat to Afghanistan. The proposal had been submitted in the wake of a court judgement in the matter.
The ECC also approved Privatisation Commission's proposal for payment of two months salary to Pak Steel Mills (PSM) employees.