Federal Minister for Finance and Revenue, Dr. Abdul Hafeez Shaikh, chaired the meeting of the Economic Coordination Committee (ECC) of the Cabinet here today.
Secretary Ministry of Energy briefed the ECC about the detailed report by the Implementation Committee regarding conversion of MoUs into Agreements with independent power producers (IPPs) to devise a payment mechanism for clearing outstanding payables.
The ECC commended the efforts made by the Implementation Committee and acknowledged the input of all concerned, including Federal Minister for Energy, Federal Minister for Planning, SAPM on Power, Finance Division, Chairman Federal Land Commission, SAPM FBR, Governor SBP, among others in working out a viable payment mechanism with the IPPs.
The Implementation Committee has agreed on the payment mechanism with the 46 IPPs to clear the outstanding dues as of November 30, 2020.
This new mechanism will eventually save approximately Rs. 836 billion for the government over the average life of the projects. The ECC approved the report of the Implementation Committee with a direction to present the same before Cabinet for final approval.
The Federal Board of Revenue (FBR) presented a summary regarding the procurement of Video Analytics Surveillance (VAS) system for proper monitoring of the production and sale of sugar in compliance with the directive of the Prime Minister.
The ECC approved an allocation of Rs. 350 million as a Technical Supplementary Grant for installation of the most optimal VAS solution at the sugar mills’ premises during the current crushing season as requested by the FBR.
Federal Minister for Planning, Development and Special Initiatives, Asad Umar, Federal Minister for Energy, Omar Ayub Khan, Adviser to the PM on Institutional Reforms and Austerity, Dr. Ishrat Hussain, SAPM on Revenue, Dr. Waqar Masood, SAPM on Power, Tabish Gauhar, Governor State Bank, Dr. Reza Baqir, Chairman FBR and Chairman Board of Investment, participated in the meeting.