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ECC approves Rs 1.73 bn Ramazan relief package
The Economic Coordination Committee (ECC) of the cabinet Thursday approved Ramazan Relief Package 2018 worth Rs 1.73 billion aimed at subsidising the prices of 19 dailyuse items to be provided at the Utility Stores Corporationduring the upcoming holy month. The decision was taken at the meeting of the ECC held here at the PM’s Office […]
The Economic Coordination Committee (ECC) of the cabinet Thursday approved Ramazan Relief Package 2018 worth Rs 1.73 billion aimed at subsidising the prices of 19 dailyuse items to be provided at the Utility Stores Corporationduring the upcoming holy month.
The decision was taken at the meeting of the ECC held here at the PM’s Office with Prime Minister Shahid Khaqan Abbasi in the chair. Among the items which would be sold out at subsidized rates at the Utility Stores are flour, sugar, cooking oil, ghee, grams, gram flour, dates, rice, squashes, milk and tea.
During the meeting, the prime minister directed that under the Ramazan package, daily use items should be provided at lower rates than the market.
The ECC also accorded approval to the extension of financial closing date of 660 KV HVDC Matiari-Lahore Transmission Line by 7 months upto December 1, 2018, without doubling the amount of performance guarantee. The decision has been taken to align the project with the completion of upcoming coal fired power projects being developed in Thar and near Karachi as well as 1100 MW K-2 project in Karachi. The ECC approved a proposal of the Power Division for raising of Rs 100 billion through commercial banks as a fresh financing facility to be arranged through Power Holding Private Ltd (PHPL). The loan amount will be utilized for funding the liabilities of the power distribution companies towards Central Power Purchasing Agency (CPPA) and the sectoral entities.
The meeting also approved the revision of cess rates of tobacco for the year 2017-18 besides allowing PASSCO to export 0.5 million tons of surplus wheat at a rebate of US$ 155 per ton through sea route.
Published in Daily Times, April 27th 2018.
