Economic Coordination Committee (ECC) of the Cabinet on Thursday approved a draft Transaction Advisory Agreement (TASA) for outsourcing three airports.
Federal Minister for Finance and Revenue Senator Mohammad Ishaq Dar presided over the meeting of the Economic Coordination Committee (ECC) of the Cabinet.
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Federal Minister for Power Khurram Dastgir Khan, Federal Minister for Industries and Production Syed Murtaza Mahmud, Federal Minister for Commerce Syed Naveed Qamar, Federal Minister for Aviation Khawaja Saad Rafique, Minister for Board of Investment Chaudhry Salik Hussain, Minister of State for Finance and Revenue Dr. Aisha Ghous Pasha, Minister of State for Petroleum Musadik Masood Malik, Shahid Khaqan Abbasi MNA/Ex-PM, SAPM on Finance Tariq Bajwa, SAPM on Revenue Tariq Mehmood Pasha, Coordinator to the PM on Economy Bilal Azhar Kayani , Coordinator to PM on Commerce and Industry Rana Ihsan Afzal, Federal Secretaries and other senior officers attended the meeting.
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The Economic Coordination Committee (ECC) in Pakistan considered a summary presented by the Ministry of Aviation regarding the outsourcing of three airports to engage a private investor or airport operator through a competitive and transparent process.
The outsourcing is aimed at running the airports more efficiently, developing appertaining land assets, enhancing commercial activities, and increasing revenue potential.
The International Finance Corporation (IFC) was qualified as a transaction advisor, and the ECC approved the draft Transaction Advisory Agreement (TASA) reached with the IFC by PCCA for the outsourcing of the three airports.
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The ECC also approved several summaries submitted by the Ministry of Energy (Petroleum Division), including the Declaration of Commerciality and Field Development Plan over Hilal and Iqbal discoveries in favour of M/s Mari Petroleum Company Limited (MPCL), and granted a second two-year renewal over Kirthar exploration license block in favour of Polish Oil & Gas Company Limited (POGC) starting from 28-08-2022. The ECC also granted permission for Extended Well Testing (EWT) over Ghazi-1 discovery to M/s Mari Petroleum Company Limited (MPCL).
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Furthermore, the ECC decided to provide Technical Supplementary grants for the current fiscal year, including Rs. 607.6 Million in favor of the Ministry of Energy (Power Division) for the execution of development schemes in Sindh province, Rs. 1689.5 Million in favor of the Ministry of Housing and Works for the execution of development schemes under SDGs Achievement Programme (SAP) in KPK and Sindh provinces, and Rs. 5000 Million in favor of the Ministry of Housing and Works for the execution of development schemes in erstwhile FATA.
However, 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) regarding the pending issue of payment of duties and taxes.
