Hafeez Sheikh to chair ECC meeting today

• The expected amendment in Electric Power Act 1997 will authorize NEPRA to set electric tariff.
• The extension of government guarantee for Rs5 bn loan of Utility Stores Corporation's is also part of the agenda.

Amendments in the Electric Power Act 1997 are expected during the Economic Coordination Committee (ECC) meeting to be held today (Monday).

As per details, the meeting would be chaired by the chairman Special Assistant to Prime Minister on finance Abdul Hafeez Sheikh. A three-point agenda will be discussed in the ECC meeting, including the approval of amendments in Electric Power Act 1997.

The amendment will authorize the National Electric Power Regulatory Authority (NEPRA) to set electric tariff. Furthermore, a summary of rupees one billion grant for Pakistan Tourism Development will be presented in the meeting.

The extension of government guarantee for Rs5 billion loan of Utility Stores Corporation's is also part of the agenda.

Days ago, the advisor asked the Federal Board of Revenue (FBR) to aggressively follow up on its agreement with traders to expand the tax base.

The advisor said the FBR revenue collection shortfall increased to over Rs 284 billion during the first half of the current fiscal year. The adviser asked FBR to redouble efforts for revenue collection in view of the current economic conditions.