A meeting of the Economic Co-ordination Committee (ECC) decided on Monday that the government would procure 7.05 million tons of wheat from farmers and provinces and PASSCO would complete the procurement process till August 31. The decision to this effect was taken by an ECC meeting chaired by Finance Minister Ishaq Dar here on Monday on a proposal of Food ministry regarding public sector procurement of wheat crop 2015-16.
Sources in the Finance Ministry said that Finance Ministry has convened an urgent meeting of the Economic Co-ordination Committee (ECC and its agenda was issued on Sunday with six proposals of three ministries - Water and Power, Petroleum and National Resources and National Food, Security and Research.
They added that three proposals of Water and Power ministry are: a term finance facility of Rs 6.069 billion for power holding company, execute of Power Purchase Agreement by CPPA-G pertaining to imported re-gasified natural gas (RLNG) based power plants in the public sector and Letters of Credit (LCs) in Favour of EPC Contractor for setting up of two 1000-1200MW power plants in Punjab. Ministry of Petroleum's proposals were on policy framework for up-gradation and expansion of refinery project and the allocation of natural gas produced in Khyber Pakhtunkhwa to government of Khyber Pakhtunkhwa for power generation. Ministry of National Food, Security, and Research Division had also submitted its proposal on procurement of wheat crop for 2015-16 by the government.
The Economic Co-ordination Committee (ECC approved Ministry of Petroleum's proposals on allocation of 100 MMCFD gas to the government of KP for use in power generation, either at its own or through partnership with the private sector. An agreement was reached between federal and provincial government and an MoU was signed last month, however, a formal approval of the ECC was taken now, an official added. The Economic Co-ordination Committee (ECC also accorded its approval to another proposal of petroleum ministry for extension in certain deadlines under Policy Framework for Up-gradation and Expansion of Refinery Projects.
The meeting considered Water & Power Ministry's proposal regarding executing the Power Purchase Agreement by CPPA-G pertaining to imported RLNG-based power projects and gave approval to authorise CPPA to develop and execute the PPA for three RLNG-based power projects in the public sector. The ECC also approved Water and Power ministry's proposals regarding extension in grace period by Bank Alfalah under term finance facility from two to four years in respect of Power Holding (Pvt) Limited and consequently the tenure of the facility would stand extended up to seven years.