ECC Approves $17.3 Million for PIA to Pay Off Roosevelt Hotel’s Liabilities

The federal Minister for Finance and Revenue, Shaukat Tarin, chaired a meeting of the Economic Coordination Committee (ECC) of the cabinet today.

The ECC approved $17.3 million for PIA-IL for the payment of recurring and one-off liabilities in respect of the Roosevelt Hotel New York, USA, as verified by the Auditor and recommended by the PIA-IL Board.

It directed for the Finance, Privatization Commission, PIA/Aviation Division to consult with each other and propose a strategy to decide the future of the asset within a month.

It also approved the request by the Ministry of National Food Security & Research for the provision of 500,000 MT of wheat for the government of Khyber Pakhtunkhwa (KP) out of the PASSCO stock during the crop year 2021-22 on the usual terms and conditions. For this, all the charges, including the incidental ones, will be borne by the Food Department of KP. Similarly, 500,000 MT of imported wheat was also allocated to the Food Department of KP to meet the provincial requirement.

The ECC approved the ‘Policy for Regulation of NGOs/NPOs receiving Foreign Contributions-2021’. The NGO Policy, 2021 has been designed to foster a sense of partnership between the government and non-government sectors.

Furthermore, under the new policy, the approval process (for registration) will be completed within a maximum of 60 days through the online submission of application and consultation, eliminating the manual processing and long delays.

The new policy seeks to expand the space for credible organizations to play an effective role in socio-economic development while deterring the NGOs with dubious credentials.

The ECC appreciated the efforts of the Economic Affairs Division in the designing of the much-needed policy and directed that any further suggestions/positive feedback from all the relevant stakeholders may also be incorporated in the policy and for a report on the same to be shared with the forum within four to eight weeks.

It also approved the summary of the Ministry of Energy (Petroleum Division) for the allowing of operational losses up to a maximum of 0.5 percent for the transport of gasoline in the WOP & MFM pipelines through Inland Freight Equalization Margin (IFEM).

The same will be adjusted against the actual operational losses based on the physical inventory of pipelines to be undertaken periodically. The actual rate will be determined by the Oil and Gas Regulatory Authority (OGRA) based on the actual losses, and the excess margin will be presented to the ECC.

The ECC also approved the request by the Ministry of National Food Security & Research for the import of three MMT of wheat, subject to approval by the PPRA Board for the building up of the strategic reverses of wheat in the country.

The following Technical Supplementary Grants were approved by the ECC:

• Rs. 1.370 billion for the Finance Division to provide a wheat subsidy to the government of Gilgit-Baltistan.

• Rs. 32.097 million for the Ministry of Industries and Production for it to meet the expenditure of its various organizations.

• Rs. 1.6 billion for the Ministry of Industries and Production to clear the SNGPL bill for the month of May 2021.

• Rs. 274.161 million for the Ministry of Information and Broadcasting for it to meet the shortage of the budget of PTV Multan, AJK, the English News Channel, and the APPC.

• Rs. 570 million for the Ministry of Interior for the enhancement of security at the Pakistan-Afghanistan border.

• Rs. 56.341 million for the Ministry of Maritime Affairs for its various miscellaneous expenditures.

• Rs. 145 million for the Pakistan Nuclear Regulatory Authority for it to meet its various employee-related expenses.

• Rs. 2.467 billion for the Revenue Division to meet the requirements of the Pakistan Raises Revenue Program.

• Rs. 834 million for the Pakistan Atomic Energy Commission for it to meet its employee-related expenditures.

• Rs. 49 billion for the Karachi Coastal Power Project Units 1 & 2 as requested by the Pakistan Atomic Energy Commission.

The meeting was also attended by the federal Minister for Energy, Hammad Azhar; the federal Minister for Railways, Azam Khan Swati; the federal Minister for Economic Affairs Division, Omar Ayub Khan; the federal Minister for Maritime Affairs, Ali Haider Zaidi; the federal Minister for National Food Security & Research, Syed Fakhar Imam; the federal Minister for Privatization, Muhammad Mian Soomro; the Adviser to the Prime Minister (PM) on Commerce, Abdul Razak Dawood; the Adviser to the PM on Institutional Reforms and Austerity, Dr. Ishrat Hussain; the Special Assistant to the Prime Minister (SAPM) on Power, Tabish Gauhar; the SAPM on Finance and Revenue, Dr. Waqar Masood; the Governor of the State Bank of Pakistan, Dr. Reza Baqir; and the concerned federal Secretaries and senior officers.

Source: Pro Pakistani