ISLAMABAD: A meeting of the Economic Coordination Committee (ECC) of the cabinet has approved amendments in the master plan for establishing five terminals including two LNG terminals, two multipurpose cargo terminals and one integrated container terminal on BOT basis and endorsed, in principle, Karachi Transformation Plan (KTP) with the direction to secure approval from all relevant quarters before submission to the Cabinet.
An official said the meeting noted that approval of all the projects included in the KTP would be required from the Executive Committee of the National Economic Council (ECNEC).
The ECC meeting presided over by the Minister for Finance and Revenue, Dr Abdul Hafeez Sheikh, on a proposal of the Ministry of Water Resources approved, in principle, issuance of WAPDA’s US $500 million Eurobonds to arrange finances for Diamer-Basha and Mohmand dams.
The meeting directed to work out modalities in consultation with the Finance Division and the State Bank of Pakistan (SBP).
In response to a proposal of the Ministry of Planning, Development and Special Initiatives and detailed presentation on the KTP before the ECC, the meeting after a detailed discussion endorsed KTP, in principle, with the direction to secure approval from all relevant quarters before submission to the Cabinet.
The chair directed to follow all codal formalities with reference to various components of the KTP.
The Ministry of Maritime Affairs presented amendments in the master plan, originally formulated in 2001, regarding establishment of five terminals on BOT basis.
After the meeting was told that these terminals would meet increased demand for container handling capacity, the ECC approved amendments in the Master Plan for establishing five terminals including two LNG terminals, two multipurpose cargo terminals and one integrated container terminal on BOT basis.
In response to a proposal of Ministry of Energy (Petroleum Division) regarding shelving the LNG Air Mix Projects by the Sui companies, the ECC decided that the SNGPL may abandon the three projects namely Drosh, Ayun and Chitral Town, and dispose of the land and equipment with minimal loss possible through an open transparent process.
In response to another proposal of the Ministry of Energy with respect to repayment of Government Holding Private Limited (GHPL) loan and future funding requirements for expenditure in relation to the ISGSL gas import and infrastructure projects, the ECC approved the proposals, in principle, subject to clearance by the High Power Board.
The meeting was told that the GHPL had funded all the expenses of ISGSL through medium-term loan as per the ECC’s earlier decision dated 15 December, 2016.
The meeting was presented various proposals.
The ECC also approved the summary by the Ministry of Industries and Production regarding duty and tax-free import of cryogenic oxygen tanks for better handling of the Covid-19 situation.
The duty-free import of cryogenic tanks would ensure uninterrupted supply of oxygen at competitive rates.
The meeting approved the change in the shareholding structure of the Pakistan Credit Guarantee Company (PCGC).
According to the new structure, the shareholding of the government in the company has been reduced to 49 percent from the earlier 70 percent.
Any dividends announced by the PCGC against shares held by the State Bank of Pakistan or any proceeds from the sale of shares in the PCGC, held by the SBP, shall be remitted in the government treasury.
The ECC also approved technical supplementary grants of Rs757.100 million for the completion of different projects under the Sustainable Goals Achievement Programme (SAP), Rs500 million for the reimbursement of fee for less-developed areas as requested by the Higher Education Commission and Rs500 million for the Ministry of Housing and Works to provide interest-free loans to borrowers under the Prime Minister’s Low Cost Housing Scheme, Rs4,189 million for the execution of development schemes for Sindh and Balochistan provinces under the PSDP being executed by the Ministry of Housing and Works/Pak PWD and Rs327 million for Auditor General of Pakistan to sustain the World Bank’s public financial management and accountability service delivery project during fiscal year 2020-21.
Minister for Privatization Mohammad Mian Soomro, Minister for Energy Omar Ayub, Minister for Industries and Production Hammad Azhar, Adviser to the PM on Commerce Abdul Razaq Dawood, Minister for Railways Azam Khan Swati, SAPM on Petroleum Nadeem Babar, SAPM on Power Tabish Gauhar, Minister for Maritime Affairs Ali Haider Zaidi, Minister for Water Resources Faisal Vawda, and Governor State Bank Reza Baqir participated in the meeting.
Copyright Business Recorder, 2020