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    Economic Coordination Committee (ECC) approved different proposals and supplementary grants

    Economic Coordination Committee (ECC) approved different proposals and supplementary grants

    Chitral Times Report

    ISLAMABAD: Federal Minister for Finance and Revenue Senator Muhammad Ishaq Dar chaired the meeting of Economic Coordination Committee (ECC) the other day. Federal Minister for Commerce Syed Naveed Qamar, Federal Minister for Power Mr. Khurram Dastgir Khan, Federal Minister for Industries and Production Syed Murtaza Mahmud, Federal Minister for Climate Change Senator Sherry Rehman, Minister of State for Finance and Revenue Dr. Aisha Ghous Pasha, SAPM on Finance Mr. Tariq Bajwa, SAPM on Revenue Mr. Tariq Mehmood Pasha, Coordinator to the PM on Economy Mr. Bilal Azhar Kayani, Coordinator to PM on Commerce & Industry Rana Ihsan Afzal Federal Secretaries and other senior officers attended the meeting. Ministry of Industries and Production submitted a summary on Urea Fertilizer requirement for year 2023 and briefed on urea fertilizer situation in the country.

    The ECC after detailed discussion allowed SNGPL based fertilizer plants i-e Fatima Fertilizer (Sheikhupura) and Agritech to operate beyond May 31st, 2023 till August 31st, 2023 on indigenous gas with no subsidy requirement from the Federal Government. Ministry of Climate Change & Environmental Coordination submitted a summary on participation of Sindh’s Mangroves projects in voluntarily Carbon Markets and presented that Sindh Forest Department is implementing two Indus Delta Mangrove projects viz Delta Blue Carbon-I(DBC-I) and Delta Blue Carbon-II (DBC-II) to generate Carbon Credits and trade with international entities on Voluntary Carbon Market(VCM).

    The ECC after discussion approved the proposal of the Ministry that the DBC-I and DBC-II projects as these were initiated prior to the commitment made under NDCs in 2021. These projects are expected to generate about US$ 200 to 220 million till 2043 with additional benefits of creating green jobs. The ECC considered a summary of Ministry of Energy ( Power Division) on payment mechanism and agreements with M/s Uch Power (Pvt) Limited. After detailed discussion, the ECC approved the proposals of the Ministry for a Novation Agreement, Master Agreement, PPA Amendment that would result in the savings of Rs. 33 billion over a period of seven years.

    The ECC considered and approved following Technical Supplementary Grants/ Supplementary Grants:
    i. Rs. 2.5 million in favour of Ministry of Climate Change and Environment Coordination to meet its expenditures.
    ii. Rs. 263.988 million in favour of the office of Controller General of Accounts (CGA) for implementation of online billing solution in Federal and Provincial Accountant Generals.
    iii. Rs. 497.261 million in favour of Ministry of Housing and Works for execution of development scheme titled “Construction of Railway underpass Gojra, district Toba Tek Singh”.
    iv. Rs. 420 million in favour of Ministry of Information and Broadcasting to meet its budgetary shortfall for Information Services abroad.
    v. Rs. 10,746.216 million in favour of Federal Directorate of Immunization (FDI) to procure vaccines and syringes for un-interrupted supply to the provinces.
    vi. Rs. 20 billion in favour of Cabinet Division for Sustainable Development Goals Achievement Programme (SAP).
    vii. Rs. 25 million in favour of President Secretariat for ERE expenditures.
    viii. Rs. 208 million in favour of Intelligence Bureau to meet its Employee Related Expenses.
    ix. Rs. 4000 million in favour of Ministry of Defence to meet its expenditures.

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