Minister for Finance and Revenue Shaukat Tarin presided over the ECC meeting. — Photo courtesy Radio Pakistan
ISLAMABAD: The Economic Coordination Committee (ECC) of the Cabinet on Wednesday approved payment of Rs90 billion to 35 independent power producers (IPPs). The ECC also decided to give a last chance to K-Electric (KE) for settling Rs212bn payments and inking an agreement for additional power intake from the national grid on timely payments.
The ECC meeting, presided over by Minister for Finance and Revenue Shaukat Tarin, also approved lowering taxes on Chinese investors of hydropower projects in Azad Jammu & Kashmir (AJK), exempting the import of oxygen and related equipment from duties and taxes besides an additional Rs27.5bn grant for disaster management schemes in Karachi.