Restructuring of PIA sanctioned

The ECC approved an incentive package proposed by the Ministry of Industries and Production for foreign investment in petrochemical sector. The committee also approved the removal of five per cent cap and KSE will be treated at par with distribution companies. The tariff determination will be done by Nepra. The ECC constituted another committee to resolve the matter of all outstanding payments to National Transmission and Dispatch Company and other public sector organisation. The committee is headed by the Finance Minister and comprised of Secretary Finance, Secretary Water and Power, and Secretary Privatisation Commission along with Chairman Wapda and Managing Director Pakistan Electric Power Company.

The ECC was also informed that the prices of wheat, wheat flour, rice, vegetable oil and ghee and some pulses are stabilising but at elevated level.

The ECC was informed that the govt had put in place stringent monetary and fiscal policies’ measures to curb aggregate demand with a view of slowing import growth and improving the country’s trade and current account deficit.

The ECC was informed that there were sufficient stocks of sugar with Trading Corporation of Pakistan and the government would ensure that sugar was available to the consumers during the month of Ramazan at the reasonable rates and would not hesitate in releasing the sugar from its stocks to keep the price at a reasonable level.