ECC approves adjustment of ISP against loans receivable from power sector entities

ISLAMABAD:Economic Coordination Committee (ECC) of the Cabinet on Wednesday resolved the issue of Industrial Support Package (ISP) by adjusting it against the loans receivable from power sector entities.

The ECC met here with Adviser to Prime Minister on Finance, Revenue and Economic Affairs Dr Abdul Hafeez Shaikh in chair also considered various proposals of ministries and divisions, said a press release issued by the Ministry of Finance.

The officials of the Power Division briefed the committee about cash and non-cash settlement for power sector.

The ECC formed a committee, comprising of senior representatives from power, finance and economic affairs divisions to address the issue of industrial support package.

Regarding K-electric, the committee directed that the ISP claim of K-electric, amounting to approximately Rs 30 billion may be looked into and solid recommendations be made.

Meanwhile, Secretary Ministry of National Food Security and Research briefed the meeting about the availability of wheat stock in the country and informed that 28 million tons of wheat stock was available against the total domestic requirements of 25.84 million tons.

The committee deliberated upon the proposal of the ministry to impose ban on export of wheat and referred the matter to the committee constituted by ECC to make its recommendations in this regard.

The ECC also resolved the long standing issue with regard to payment of subsidized power supply to Azad Jammu and Kashmir by way of cash and non-cash settlement with no financial impact on AJK.

In order to revive and strengthen the shipping sector of Pakistan, the ECC approved, in principle, the proposal of Ministry of Maritime Affairs to provide tax relief on import of ships.

The committee directed the ministry to make substantial changes to the proposals before submitting them to the cabinet for final approval.

The committee also approved technical supplementary and supplementary grants for different ministries and divisions.