ECC Forms Committee to Clear Petroleum Division’s Circular Debt

Adviser to the Prime Minister on Finance, Dr. Abdul Hafeez Shaikh, chaired the meeting of the Economic Coordination Committee (ECC) of the Cabinet earlier today.

ECC approved technical supplementary grants for NAB, Ministry of Health for immunization program, Ministry of Religious Affairs on account of Hajj Expenses and for Anti-Narcotics Force.

ECC formed a committee with all the relevant stakeholders (Finance Division, Power and Petroleum Division, Planning Division, Securities and Exchange Commission of Pakistan (SECP), OGRA, OGDCL, PSO, SNGPL, PPL, GHPL, PLL) to prepare a proposal on modalities for clearing the circular debt of the Petroleum Division.

The committee will prepare a well-rounded proposal in a month and submit before the ECC. ECC also decided that the issue of circular debt may be considered holistically and a solution may be worked out to resolve it.


SECP Allows Companies to Pay Cash Dividends to NRVA Holders

The Ministry of National Food Security and Research (MNFS&R) updated the ECC on the situation of wheat import in the country. The Ministry briefed ECC that TCP has opened the 6th tender for 110,000 MT of wheat and after price matching, the total picked up quantity would be 320,000 MT.

MNFS&R also informed that there will be sufficient availability of wheat in the country by January 2021 and with the increase in supply, the prices would be lowered eventually.

ECC also enhanced the quota of Gilgit Baltistan by another 10,000 MT as per their request (from 150,000 MT to 160,000 MT). The modalities for increased quota for GB shall be decided later.