ECC places PIA on privatisation list, subsidies for five basic items will stay
Business
Financial adviser to be appointed for dealing with Roosevelt Hotel affairs
ISLAMABAD (Web Desk/Dunya News) – A much-awaited move may be executed soon as the Economic Coordination Committee (ECC) gave approval to the suggestion to privatise the national flag Pakistan International Airlines (PIA) – the largest loss-making state-owned entity.
On Monday, the ECC met with Finance Minister Ishaq Dar in the chair, the meeting decided to include PIA in the list of active projects of the ongoing privatisation programme, “following an amendment in the law by the parliament”.
At the same time, the committee also approved the plan to appoint a finance adviser for the privatisation of the Roosevelt Hotel in New York.
On the other hand, the ECC also approved the continuation of Prime Minister's Relief Package for five essential items on subsidized rates through Utility Stores Corporation from this August to June 30 next year.
Amid the rising food inflation, the ECC also directed to ensure that there was no increase in the flour price – the staple food whose rate has jumped at an alarming rate during the past year.
Other agenda items approved by the federal cabinet’s top committee regulating the economic subjects included changes in the State Bank of Pakistan’s incentives schemes of improve the inflow of remittances and get optimal level through formal channels as well as tariff rationalization for K-Electric through adjustments applicable on the consumption of April, May, and June this year to be recovered from consumers in three months (July, August, and September), respectively.
The ECC approved amendments in contract with TAVANIR Iran for extension of power tariff for existing supply of 104MW, negotiating tariff for additional supply and tariff agreed for additional supply of 100MW through Polan-Gabd Transmission Line from March 16 this year to 31st December next year.
Approval was also given for Rs3 billion technical supplementary grant in favour of Ministry of Information and Broadcasting for Prime Minister's Health Insurance Scheme for media workers, journalists and artists as well as Film Finance Fund.
Another technical supplementary grant worth Rs500 million was also approved for the Ministry of Defence for security-related requirements during the fiscal year 2023-24.
