The Economic Coordination Committee (ECC) has approved a Rs. 4 billion Technical Supplementary Grant (TSG) to fund international arbitration proceedings involving independent power producers (IPPs) and major utility shareholders.
The grant, approved on a summary moved by the Power Division, will cover expenses related to multiple international legal disputes initiated by IPP developers and utility shareholders.
In a separate decision, the ECC also approved the transfer of pension responsibilities for employees of closed Generation Companies (GENCOs) to their respective pension-disbursing Distribution Companies (DISCOs). The move is intended to ensure the continued payment of retirement benefits to affected pensioners.
Both decisions were taken during an ECC meeting chaired by Finance Minister Muhammad Aurangzeb at the Finance Division.
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