ECC Approves to Waiving Off All Port Dues Against Karkey

The Economic Coordination Committee (ECC) of the Cabinet, on Wednesday, considered and approved waiving all port dues – amounting to Rs. 194.9 million on 31-1-2020 – accruing against Karkey.

The said waiver was required as a consequence of the settlement agreement reached between the Government of Pakistan and Karkey.

Adviser to Prime Minister on Finance Dr Abdul Hafeez Shaikh presided over the ECC meeting on Wednesday.

On the summary moved by the Ministry of Industries and Production for the payment of outstanding liabilities of Pakistan Steel Mills against Sui-Southern Gas Company for the non-payment of Gas bills, ECC approved the release of Rs. 350 million for the partial settlement of the SSGC’s liability.

Establishment of a Trust Fund to implement a risk-sharing facility under 3rd Tranche of US$10 million of credit line of US$140 million obtained from World Bank for Pakistan Mortgage Refinance Company Limited (PMRCL) was also approved.

The purpose of the Trust will be to leverage the Trust Funds by issuing guarantees in favor of the mortgagors to cover possible losses from eligible mortgage loans.

Finance Division also sought approval for the demand of Rs 80 million as a Technical supplementary grant in the budget of the Finance Division for the Financial Year 2019-20 for providing assistance for families of the government employees who expired during service and provision of Adhoc relief allowance 2019.

ECC also approved the proposal sent by the Ministry of Finance for the issuance of the direction of the Federal Government to the State Bank of Pakistan under sub-section 6(A) of section 17 of the SBP Act 1956 to sell its shares in House Building Finance Company Limited (HBFCL).