Chitral Times Report
ISLAMABAD: Prime Minister Shahid Khaqan Abbasi chaired a meeting of the Executive Committee of the National Economic Council (ECNEC) at PM Office today. Diamer Basha Dam Project (only Dam component) was approved at a total rationalized cost of Rs. 474,000 million. The Dam will have a 6.4 MAF live storage capacity and installed power capacity of 4,500 MW. After completion, the project will increase national water storage capacity of Pakistan from 38 days to 45 days and will enhance life span on downstream reservoirs including Tarbela Dam. Revision of Gawadar Lasbela Livelihoods Support Project was approved at a total rationalized cost of Rs. 2,998.10 million. The project aims at poverty reduction in two districts of Balochistan i.e. Gawadar & Lasbella. This project comprises of major initiatives including community development, fisheries development and rural infrastructure improvement. Evacuation of Power from 1,320 MW RLNG Power Plant near Trimmu, Jhang was approved at a total rationalized cost of Rs. 4,231.83 million. Revision of the federal program under ‘Access to Justice Program’ was accorded approval at a total rationalized cost of Rs. 4,711.981 million. The ongoing project aims at implementing legislative, judicial, police and administrative reforms with construction of required physical infrastructure including office buildings. ECNEC approved replacement of old and obsolete Signal Gear from Lodhran-Multan-Khanewal-Shahdara Bagh Main Line Section of Pakistan Railways (Revised) at a total rationalized cost of Rs. 18,346.60 million. The scope of work of this project also includes remodeling of Yousafwala Railway station and up-gradation of 24 unmanned railway level crossings into manned level crossings.
Meanwhile Prime Minister Shahid Khaqan Abbasi chaired a meeting of the Federal Cabinet at Prime Minister’s Office today. Finance Division presented the Budget Strategy Paper for Financial Years (FY) 2018-19 to 2020-21 and briefed about the macro-economic indicators of current FY 2017-18. Secretary Finance briefed that the Budget Strategy for FY 2018-19 to 2020-21 is based on four broad targets including sustained growth momentum, ensuring fiscal consolidation, managing balance of payments and ensuring debt sustainability. It was informed that the recently announced Economic Reforms Package, including lowering tax rates, widening tax base, real estate reforms, local amnesty and tightening of foreign exchange regime, will help increase revenues and reduce deficit. The Prime Minister emphasized that sustained income and revenue streams will benefit the country instead of obtaining loans. The Budget Strategy Paper was discussed at length by the Cabinet and several Cabinet members provided useful suggestions for incorporation in the upcoming budget proposals. The Cabinet approved Budget Strategy Paper for FY 2018-19 to 2020-21.
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Prime Minister Chairs Meeting of ECC
Prime Minister Shahid Khaqan Abbasi also chaired a meeting of the Economic Coordination Committee (ECC) of the Cabinet at Prime Minister’s Office today. The ECC accorded approval to Pakistan State Oil (PSO) for import of Furnace Oil to be used by the Power sector. The decision has been made to cater for maintaining adequate fuel stock in the coming months. Transportation tariff for Machike – Taru Jabba Oil Pipeline (427 Km) project was approved by the ECC. Tariff will be ratified by OGRA after due process. The project will be completed in three sections and envisages environment friendly and safe movement of fuel. The project will also provide for additional storage of fuel and enable supply to major distribution centers in central and northern Punjab and Khyber Pakhtunkhwa. The ECC further directed that all future pipeline projects will require approval of the Cabinet. In order to ensure stable and reliable power supply through National Grid System and to enhance NTDC system capacity, the ECC accorded approval for issuance of Government of Pakistan Sovereign Guarantee against financing facility of PKR 9,846 million from local banks for NTDC projects.
