The Economic Coordination Committee (ECC) of the Cabinet in it meeting here on Tuesday is going to give green signal to the Ministry of Petroleum (MoP) for signing 'Sale/Purchase Agreement' and Implementation Agreement (IA) with Iran for the Iran-Pakistan-India (IPI) gas pipeline.
The ECC approval would allow the MoP to enter the next phase of the project of laying down the pipeline. The ECC signal would also clear the project for the government to seek financing from the international donors. Finance Ministry will brief the ECC on likely sources for financing the project.
Sources said that the project was being pushed forward on fast track basis between Iran and Pakistan and its assessment and financial requirements were also being worked out on bilateral basis. They said that India was no more a party to the project, and Pakistan was not interested to take it on board, at least for the present. The MoP will also brief the ECC on the work completed on the project between Iran and Pakistan, besides submitting its timeframe for the implementation phase.
Officials claim that India is no more on board for the project, but the ECC agenda, made available to Business Recorder for January 8 meeting still lists the project as 'Iran-Pakistan-India gas pipeline project'. Wheat crisis will be another hot topic for the ECC meeting. Ministry of Food, Agriculture and Livestock (Minfal) Secretary will brief the committee on wheat stocks and availability of flour (atta) to the consumers.
The ECC will also be given briefing by State Bank of Pakistan (SBP) Governor Dr Shamshad Akhtar on current account deficit. She would also brief the ECC on Pakistan's exports and imports trend in the first half of the year and the overall economic situation and prospects of economic growth in the second half of the current fiscal year. She will submit to the ECC data on economic indicators.
Other agenda items of the ECC meeting include Sensitive Price Indicator (SPI) for the week ended on January 3, position papers on cement, edible oil/ghee and sugar industry situation/prices. It also includes forecasting of prices of essential items of daily use. Analysis of regional prices of critical consumer items.