The Economic Coordination Committee (ECC) of the Cabinet has decided to approve the Cash Credit Limit of Rs. 540 billion for Punjab and Rs. 214 billion for Sindh for the quarter of July-September 2023.
Federal Minister for Finance Dr Shamshad Akhtar presided over a meeting of the ECC on Thursday.
A summary of Ministry of National Food Security & Research regarding “Cash Credit Limits for Punjab and Sindh for the Quarter July-September 2023” was discussed by ECC. It was decided to approve the Cash Credit Limit of Rs. 540 billion for Punjab and Rs. 214 billion for Sindh for the quarter of July-September 2023. The ECC also advised Punjab and Sindh to settle the unsecured exposure of Commodity debt.
Moreover, it was decided that in future, Finance Division may monitor the CCL requirement of Punjab and Sindh with the view that provinces have been taking steps for settlement of their unsecured exposure and that CCL may be issued to the extent of unsecured exposure and the CCL may be issued to the extent of unsecured exposure as reported on 30th September 2023. Also, the CCL of the quarter April-June 2023 of Punjab and Sindh, already issued by Finance Division was endorsed too.
Marginal Policy Pricing Incentives
A summary of Ministry of Energy (Petroleum Division) regarding “Application for the Grant of Marginal Policy Pricing Incentives for the Jhal Magsi South Development & Production Lease (D&PL) in District Jhal Magsi, Balochistan” was considered by ECC.
It was discussed that the case for declaration of Jhal Magsi South D&PL as Marginal Field under Article D(3) of the Marginal Guidelines has already been reviewed, and it eligibility has also been certified by independent 3rd Party Consultant for the concession, therefore, it can be considered eligible for the gas price incentives allowed under the Marginal/Standard Gas Fields-Gas Pricing Criteria and Guidelines 2013 subject to the conditions that OGDCL will submit Supplemental Agreement to Kotra PCA to formally adopt Marginal Policy Price Incentives, and that OGDCL will submit revised field development plan over Jhal Magsi South D&PL.
The meeting was attended by the Minister of Planning Sami Saeed, the Minister for Commerce, Industries, & Production Gohar Ijaz, Minister for Power & Petroleum Muhammad Ali, Minister for IT & Telecom Dr Umar Saif, Advisor to PM on Finance Dr Waqar Masood, Chairman SECP, Chairman TCP, Federal Secretaries, and other senior government officials of the relevant ministries.