ECC approves Rs5 cut in power tariff, Ramazan Relief Package
Business
The maximum amount of loan would be Rs 300,000 and returned in easy installments
ISLAMABAD (Dunya News) – The Economic Coordination Committee (ECC) of the Cabinet on Monday approved Rs 5 per unit reduction in electricity tariff base rate PM’s relief package for the relief period of four months (March 2022 to June 2022).
The ECC met with Federal Minister for Finance Shaukat Tarin in chair also approved Ramazan Relief Package 2022 worth Rs 8,280 million in order to provide 19 essential items on subsidized rates across the country at Utility Stores Corporation to facilitate the masses during the holy month.
The meeting approved Kamyab Overseas Program (KOP) as a new component of Kamyab Pakistan Programme (KPP).
The new initiative is meant for prospective low income overseas workers having confirmed foreign job offer, employment agreement and valid travel documents and registered with National Socio-Economic Registry to avail interest free loans under KPP.
The maximum amount of loan would be Rs 300,000 and returned in easy installments starting after three months of departure.
The loan will be provided to 10,180 beneficiaries with estimated required funds of Rs 3 billion for the 4th quarter of 2021-22.
The ECC considered and approved a summary of Ministry of Commerce on proposed amendments in the import and export policy order 2020 for the development of Integrated Tariff Management System (ITMS) for Pakistan Single Window (PSW).
The Ministry of Energy (Petroleum Division) submitted a summary for allocation of Gas from Togh Field on commercial basis.
The ECC after discussion allowed up to 16 MMCFD gas from Togh Field to SNGPL on commercial basis.
The wellhead price of the gas will be decided by the concerned regulator under the applicable rules and policy.
The Ministry of Energy (Petroleum Division) submitted a summary to allow amending the Petroleum Concession Agreement, allowing Government Holding Private Limited (GHPL) Assignment of Working interest in Wali, Jandaran West, Saruna and Pesu block of OGDCL.
The ECC approved to amend the respective petroleum concession agreements by allowing GHPL to increase its Working Interest above its statutory Working Interest of 2.5% being state participator in Wali, Jandran West, Saruna and Pesu blocks of OGDCL.
The Ministry of Energy (Power Division) submitted a summary on incentive package announced by the prime minister regarding reduction in price of electricity.
The relief package on power tariff will be applicable to all commercial and domestic non-time of use consumers having monthly consumption up to 700 units, excluding life-line consumers. The cash flow requirement for the PM Relief Package is Rs 136 billion.
The Ministry of Energy (Petroleum Division) submitted another summary on reimbursement of price differential claims of oil marketing companies (OMCs) and refineries, in line with PM relief package of reduction in the consumer prices of Motor Spirit and Diesel by Rs 10 per litre.
The price differential would be paid to the oil marketing companies/ refineries by the government as a subsidy to avert any shortage in the market.
The ECC approved special Price Differential Claims (PDC) disbursement mechanism to pay the PDC speedily within 15 days, opening of special assignment account with PSO and initial amount of Rs 20 billion to PSO in accordance with the mechanism.
The ECC also considered and approved technical supplementary or supplementary grants of Rs 428.90 million to Foreign Affairs Division to meet the expenditure for holding of 48th session of the Organization of Islamic Cooperation Council of Foreign Ministers to be held in Islamabad on March 22-23.
It also approved Rs 47.561 million to poverty Alleviation and Social Safety Division, Rs 135.078 billion for principal and interest payments against Naya Pakistan Certificates and Islamic Naya Pakistan Certificates.
The meeting was also attended by Minister for National Food Security and Research Syed Fakhar Imam, Minister for Railways Muhammad Azam Khan Swati and Minister for Energy Hammad Azhar.
