Islamabad: The Economic Coordination Committee approved technical supplementary grant of 40 billion rupees for defense expenditure.
According to Express News, a meeting of the Economic Coordination Committee was held under the chairmanship of the caretaker Federal Finance Minister Dr. Shamshad Akhtar, in which a three-point agenda was considered.
In the meeting, it was approved to establish a sub-committee on the issue of providing financial funds for the restructuring of Pakistan International Airlines Company Limited, while delaying the payment of Rs. The summary was also rejected.
PIA pays Rs.1.30 crore per month to FBR as FED while Rs.70 crore per month is paid to Civil Aviation Authority.
The Economic Coordination Committee said that the Finance Division and the State Bank will provide financial support after coming up with a solid plan for the restructuring of PIA.
In the meeting, the Ministry of Defense approved the provision of technical supplementary grants for various projects of Defense Services for the financial year 2023-24.
Apart from this, the Economic Coordination Committee also approved the increase in oil marketing companies and dealers’ margins. After which the petroleum dealer’s margin will be Rs 164 paise per litre. The margin will be increased in four installments of 41 paise per liter every fortnight from September 15.
ECC approved to increase margin of oil marketing companies by Rs.1 87 paise per litre. Which will be extended from September 15 in four episodes.
Privatization Committee meeting
Apart from this, a meeting of the Privatization Committee of the Cabinet was held under the chairmanship of the caretaker Finance Minister Shamshad Akhtar, in which the Secretary Privatization Commission gave a comprehensive briefing about the active privatization program.
In the meeting, a briefing was also given about ten discos including loss-making Heavy Electrical Complex, Service, International Hotel, Pakistan Steel Mills, HBFDL, Roosevelt Hotel New York, PIA and RLNG Power Plants.
The Caretaker Finance Minister urged to speed up the process of privatization of loss-making institutions while it was decided to form a technical committee to resolve the hurdles regarding privatization and restructuring of PIA.
The Ministry of Aviation has been directed to present a detailed action plan with a clear time frame in collaboration with the Privatization Commission, while a committee has been formed to present a workable plan to involve the private sector in the management of DISCOs.
The Committee headed by the Caretaker Energy Minister will include Secretary Privatization Commission, Special Secretary Finance and members of Nepra.
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