Economic Coordination Committee (ECC) of the Cabinet which is scheduled to meet on Monday will approve amendments in the Regulation and Generation of Transmission and Distribution of Electric Power Act 1997, already agreed with the International Monetary Fund (IMF). Well informed sources told Business Recorder that the purpose of those amendments was to ensure full automaticity of the quarterly tariff adjustments and to eliminate the gap between regular annual tariff determination and notification by the government.
The economic managers had given an understanding to the IMF that amendments to the Nepra Act will be passed in December 2019 but the government did not summon National Assembly or the Senate session last month.
Power Division has fulfilled two benchmarks i.e. to notify the FY 2020 electricity tariff schedule as determined by regulator and prepare a comprehensive circular debt reduction plan in collaboration with the international partners. Power Division will also give a detailed presentation on power projects including renewable energy projects.
The ECC will approve technical supplementary grant of Rs 1 billion for Pakistan Tourism Development Endowment Fund during 2019-20. Extension of Government of Pakistan (GoP) guarantee against credit facility of National Bank of Pakistan amounting to Rs 5 billion in favour of Utility Stores Corporation (USC), release of funds for payment of outstanding gas bills to Sui Southern Gas Company (SSGC) and allocation of gas from PGNiG's Rizq Gas Field to SSGCL are also on the agenda of the ECC to be chaired by Finance Advisor Abdul Hafeez Shaikh.
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