The Economic Coordination Committee (ECC) of the cabinet on Monday approved the summary for the procurement of wheat from Russia on government-to-government (G2G) basis.
Federal Minister for Finance and Revenue Ishaq Dar presided over the meeting at the Finance Division.
The Ministry of Commerce presented a summary for the procurement of wheat from Russia on a G2G basis and submitted the offer of M/s. Prodintorg a state-owned enterprise of the Russian Federation for the supply of 300,000 MT of specified milling wheat @ US$ 372/MT for the shipment period from 1st November 2022 to 15th January 2023. The committee after deliberation approved the summary.
The Ministry of Energy (Power Division) presented a summary for the revision of oil marketing companies (OMCs) margins on petroleum products. After comprehensive discussion, the committee approved the summary in principle and allowed the agreed revised margin at Rs. 6 per liter but its implementation will be subject to fiscal space in petroleum prices.
The Ministry of Energy (Petroleum Division) presented another summary for amendment in the Power Purchase Agreement (PPA) for the commissioning of the designated project – CPEC – TCB – I (On Thar Coal) without financial close.
The summary presented that the project is 90 percent complete but the company was unable to achieve the Financial Close due to unforeseen events and reasons which led to delays in Sinosure and lenders’ approvals. Therefore, the request was made to consider and permit the effectiveness of the PPA from the date of its execution i.e. 27-08-2019 and authorize CPPA to amend the PPA accordingly. The ECC after deliberation approved the summary and added that it must be ensured that there will be no impact on tariff through this decision and this summary is being approved due to an exceptional situation.
The Ministry of Energy (Power Division) presented another summary on Pakistan Energy Revolving Fund (PERF). The ECC after deliberation approved the opening of an assignment account under the title of Pakistan Energy Revolving Fund (PERF) to be opened with the State Bank of Pakistan (SBP) Islamabad and operated by CPPA.
Federal Minister of Planning, Development & Special Initiatives Ahsan Iqbal, Federal Minister for Commerce Syed Naveed Qamar, former prime minister Shahid Khaqan Abbasi, SAPM on Finance Tariq Bajwa, SAPM on Revenue Tariq Pasha, Federal Secretaries, Federal Board of Revenue (FBR) Chairman and other senior officers attended the meeting.
