ECC approves Rs 1.09 per unit increase in electricity tariff

The Economic Coordination Committee (ECC) of the cabinet Wednesday approved an increase of Rs 1.09 per unit in the tariff for K-Electric consumers.

According to the details, the cabinet committee approved the quarterly adjustment of the K-Electric tariff amounting Rs4.7 billion. the amount would be released from the approved budget of 2020-21.

The Economic Coordination Committee (ECC) of the cabinet Wednesday approved $142 million for meeting the financial requirements of the hotel Roosevelt.

Earlier ECC further empowered the State Bank of Pakistan (SBP), which can now allow resident Pakistani companies overseas investment of up to $10 million.

The State Bank could authorize resident Pakistani companies’ investment of up to $5 million in foreign countries. In case of investment of more than $5 million abroad, the SBP had to seek approval of the ECC.

Considering the case of Eastern Products (Pvt) Limited Pakistan in a meeting held last month, the ECC enhanced powers of the central bank for according approval to equity investment abroad by the resident Pakistani companies.