The federal cabinet on Thursday approved the decisions taken by the Economic Coordination Committee (ECC), including measures to provide relief to electricity consumers of distribution companies through changes to the levy on off-grid captive power plants.
The cabinet under Prime Minister Shehbaz Sharif’s directions approved allowing third-party sale of gas to off-grid captive power plants and cleared the issuance of a presidential ordinance to implement the decision.
During the meeting, the Prime Minister expressed satisfaction over the successful privatization of 75 percent of Pakistan International Airlines (PIA). He described it as a major milestone in the government’s reform agenda. He reiterated that privatizing loss-making state-owned enterprises like PIA was a key objective set at the outset of his tenure.
The Prime Minister said the divestment of PIA was important for understanding why restructuring state-owned enterprises and advancing broader economic reforms was important. He noted that the country had been pulled back from the brink of default and moved toward economic stability. He added that there has been a significant increase in GDP growth during the first quarter of the current fiscal year.
The Prime Minister also briefed the cabinet on recent diplomatic engagements. He briefly described his meeting with the President of the United Arab Emirates as productive for bilateral cooperation. He further expressed satisfaction over the pace of economic and strategic ties with Saudi Arabia following a recent telephonic conversation with the Saudi Crown Prince.
Stay Connected with ProPakistani
Get the latest business news, market insights, and economic updates wherever you prefer.
Add ProPakistani to Preferred Sources and see more of our stories in Google Search and Top Stories.
