The Economic Coordination Committee (ECC) of the Cabinet formed a sub-committee to finalise a plan for paying the first installment of the circular debt to the Independent Power Producers (IPPs), as it rejected a summary seeking the release of the first tranche of the payment.
The Power Division tabled a summary before the committee for releasing the first installment of the circular debt to the Independent Power Producers. However, the ECC was not satisfied with the summary and Finance Minister Shaukat Tareen decided to form a sub-committee to prepare a new payment plan.
The Ministry of Finance, in a press release, stated that the sub-committee would present a firmed-up proposal in the next ECC meeting. “The ECC constituted a sub-committee chaired by the federal minister for finance, comprising ministers and secretaries from Energy, Petroleum and other concerned ministries for further deliberations.”
The ECC also decided to form another sub-committee consisting of PM’s adviser on commerce, SAPM on Power, and other relevant stakeholders to review the power subsidies provided to export-oriented sectors. “This sub-committee will submit a holistic proposal to the ECC.”
The ECC approved technical supplementary grants of Rs 22.7million for the Law and Justice Division, Rs10,025 million for the Ministry of Human Rights, and Rs262 million for the Ministry of Housing and Works.
