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ECC approves NTC revised budget estimates for FY19-2020

ECC approves NTC revised budget estimates for FY19-2020

ISLAMABAD: Adviser to the Prime Minister on Finance and Revenue Dr. Abdul Hafeez Shaikh chaired the meeting of the Economic Coordination Committee (ECC) of the Cabinet today.

During the meeting, the ECC also okayed National Telecommunication Corporation’s revised budget estimates for 2018-19 and 2019-20.

The ECC has discussed proposal to increase wheat support price to Rs 1400 per 40 kg and will convene a special session tomorrow afternoon to discuss a detailed plan to keep the flour prices at the lowest possible level throughout the year in view of any increase in support price and incidental charges for supply of PASSCO procured wheat to provinces and allied issues related to procurement of wheat by provinces and the private sector.

ECC approved a proposal by power division for a special relief package to further continue provision of subsidized electricity until June 2020 to five export oriented sectors.

ECC also approved a proposal by Ministry of Energy (Power Division) for two amendments aimed at providing ease of doing business to upstream Petroleum sector. The amendments are related to extension of exploration licences beyond two years by ECC rather than the Minister in Charge of Petroleum Division and creation of a new Zone-1 (F) for onshore licensing regime and consequent revision in the Zonal Map.

The ECC also gave an in principal approval for a proposal for SAR 22.5 million equity investment abroad by Eastern Products Pvt (Ltd) Pakistan.