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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.
ECC approves Rs90 billion payment to 35 IPPs
Business
May 6, 2021
ISLAMABAD: The Economic Coordination Committee of the Cabinet (ECC) on Wednesday approved Rs90 billion as the first installment of outstanding payments to 35 independent power producers (IPPs) and withheld disbursal for 12 IPPs under the NAB investigation.
The ECC also approved targeted subsidies mechanism for power sector in principle and directed to finalize modalities to link it with Ehsaas program.
When asked about the possibility of $1.5 billion program approval from the World Bank till end June 2021, Minister for Finance Shaukat Tarin said the power tariff could not be hiked but the targeted subsidies were approved because it was prior action of WB’s loan program. Tarin said the power tariff could not be increased and the WB’s high-ups are empathetic about it.