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  • ECC approves continuation of subsidy to export sector

    ECC approves continuation of subsidy to export sector

    ISLAMABAD: The Economic Coordination Committee (ECC) of the Cabinet on Monday approved continuation of subsidy on supply of gas and electricity to export sector.

    Finance Minister Shaukat Tarin presided over the ECC meeting. The ministry of commerce gave a detailed presentation for continuation of reduced rates of electricity and RLNG to export oriented sectors.

    Secretary commerce briefed the Committee that extension of concessional rates of electricity and RLNG is important for sustained increase in exports by providing energy at regionally competitive rates.

    After due deliberations, the committee approved the continuation of electricity and gas subsidy for export-oriented sectors to support the momentum of growth in exports during the FY 2021-2022.

    The finance minister emphasized the need to incentivize export-oriented sectors in order to take our exports to the next level. He also stressed the need to rationalize usage of energy inputs. For this purpose, the ECC constituted a sub-committee comprising Minister for Energy, Minister for Industries & Production, Advisor on Commerce, Deputy Chairman Planning Commission, Additional Secretary (CF) Finance Division and other relevant officials for presenting a plan to resolve the issue of continued use of gas by some units for power generation and non-cooperation in audit of such use.

    The sub-committee was directed to present its recommendations before ECC within 30 days for further deliberation.

    The ECC considered and approved a summary presented by the Power Division for extension of incremental consumption package for K-Electric industrial consumers of X-WAPDA DISCOs & K-Electric and application of incremental consumption package for BI(Non ToU) consumers of X-WAPDA DISCOs and K-Electric at the rate of Rs.12.96/kwh from 1st July 2021 to 31st December 2021.

    The cabinet committee approved another summary by the Petroleum Division regarding NOC for issuance of the Parent Company Guarantees/Corporate Guarantees by each of the consortium companies, on a joint and several basis, in favour of ADNOC and SCFEA to pursue international exploration and production opportunity in Abu-Dhabi, United Arab Emirates.

    Federal Minister for Privatization Muhammad Mian Soomro, Federal Minister for National Food Security & Research Syed Fakhar Imam, Federal Minister for Industries and Production Makhdoom Khusro Bakhtiar, Federal Minister for Energy Muhammad Hammad Azhar, Federal Minister for Economic Affairs Division Omar Ayub Khan, Adviser to the PM on Commerce Abdul Razak Dawood, Adviser to the PM on Institutional Reforms and Austerity Dr. Ishrat Hussain, SAPM on Finance and Revenue Dr. Waqar Masood, SAPM on Power & Petroleum Tabish Gauhar, Federal Secretary Finance, Secretary M/o Industries and Production, Secretary M/o NFS&R, Secretary Power, Secretary Petroleum, Chairman FBR and other senior officers participated in the meeting, Governor SBP Dr. Reza Baqir also participated through video link.

    SBP to launch rewards for inward remittances
  • ECC approves electricity subsidy package for export sector

    ECC approves electricity subsidy package for export sector

    ISLAMABAD: Economic Coordination Committee (ECC) of the Cabinet has approved a special relief package for export sector in shape of subsidized electricity.

    Adviser to the Prime Minister on Finance and Revenue Dr. Abdul Hafeez Shaikh chaired the meeting of the Economic Coordination Committee (ECC) of the Cabinet on Wednesday at the Cabinet Division.

    The ECC approved a proposal by Power Division for a special relief package to further continue provision of subsidized electricity until June 2020 to five export oriented sectors.

    ECC has discussed proposal to increase wheat support price to Rs 1400 per 40 kg and will convene a special session tomorrow afternoon to discuss a detailed plan to keep the flour prices at the lowest possible level throughout the year in view of any increase in support price and incidental charges for supply of PASSCO procured wheat to provinces and allied issues related to procurement of wheat by provinces and the private sector.

    ECC also approved a proposal by Ministry of Energy (Power Division) for two amendments aimed at providing ease of doing business to upstream Petroleum sector.

    The amendments are related to extension of exploration licences beyond two years by ECC rather than the Minister in Charge of Petroleum Division and creation of a new Zone-1 (F) for onshore licensing regime and consequent revision in the Zonal Map.

    The ECC also approved National Telecommunication Corporation’s revised budget estimates for 2018-19 and 2019-2020.

    The ECC also gave an in principal approval for a proposal for SAR 22.5 million equity investment abroad by Eastern Products Pvt (Ltd) Pakistan.

  • No compromise on documentation; PM refuses to withdraw CNIC condition

    No compromise on documentation; PM refuses to withdraw CNIC condition

    KARACHI: Prime Minister Imran Khan on Wednesday showed firm resolve to document the economy and flatly refused demands of business community to withdraw condition of CNIC on sales above Rs50,000.

    Representatives of Federation of Pakistan Chambers of Commerce and Industry (FPCCI) and Karachi Chamber of Commerce and Industry (KCCI) met the prime minister at the Governor House. The entire prime minister’s team of finance and commerce was also present at the meeting.

    The business community urged the prime minister to withdraw the condition of CNIC at the time of sales, which was introduced through Finance Act, 2019.

    Sources said that the Prime Minister had refused the demand and told the business community that the businesses had to be documented. The prime minister said requirement of CNIC / information on above Rs50,000 sales was quite justified.

    The prime minister said that he wanted to see Pakistan grow on Turkish model. He further said that the government wanted to take along the business community on journey to growth.

    Prime Minister Imran Khan told the business community that he had arrived Karachi to resolve problems of trade and industry. He said that the government wanted to ease in doing business.

    Our priority to eradicate poverty and accelerate economic growth, he added.

    After the meeting business community has expressed disappointment.

    Mirza Ikhtiar Baig, senior FPCCI leader, while talking to media said that the apex body had presented all the problems at the meeting that are hampering the economic growth.

    The prime minister has been informed about protests by small associations. He said that the FPCCI had urged the prime minister to restore zero rated for export sector.

    He said that the interest rate by State Bank was on the rise and it would make difficult for industry to continue the production activities. On the other hand the FBR had also not withdrawn several levies on the export sector.

    The prime minister has been informed that reforms should bring in phases.

    Another meeting was held with export sector in which the prime minister listened to their problems. However, the export sector was also not happy to resolve their issues at the meeting.