ECC approves Rs8.28 billion Ramazan relief package

ISLAMABAD: The Economic Coordination Committee (ECC) has approved the Ramazan Relief Package 2022 for 19 essential items to be sold at subsidised rates at Utility Stores Corporation (USCs) with a total subsidy of Rs8.28 billion.

The Ministry of Industries and Production tabled the summary for the relief package during the meeting of the ECC, presided over by Federal Minister for Finance and Revenue Shaukat Tarin on Monday.

The ECC also approved the Kamyab Overseas Programme (KOP) as a new component of the Kamyab Pakistan Programme (KPP).

The new initiative is meant for prospective low income overseas workers having confirmed foreign job offer, employment agreement and valid travel documents and registered with NSER to avail interest free loans under KPP.

Maximum amount of loan would be Rs300,000 and returned in easy installments starting after three months of the departure. The loan will be provided to 10,180 beneficiaries with estimated required funds of Rs3 billion for the fourth quarter of 2021/22.

The meeting approved a summary presented by the Ministry of Commerce on the proposed amendments in the import and export policy order 2020, for the development of Integrated Tariff Management System (ITMS) for Pakistan Single Window (PSW).

The Ministry of Energy (Petroleum Division) submitted a summary for allocation of Gas from Togh Field on commercial basis, on which the ECC allowed up to 16mmcfd gas from Togh Field to Sui Northern Gas Pipeline Limited (SNGPL) on commercial basis.

The wellhead price of the gas will be decided by the concerned regulator under the applicable rules and policy.

The Petroleum Division submitted another summary to allow amending the Petroleum Concession Agreement, allowing Government Holdings (Private) Limited (GHPL) Assignment of Working Interest in Wali, Jandaran West, Saruna and Pesu block of the Oil and Gas Development Company Limited (OGDCL).

The ECC approved to amend the respective agreements by allowing GHPL to increase its Working Interest above its statutory Working Interest of 2.5 per cent being the state participator in Wali, Jandran West, Saruna and Pesu blocks of the OGDCL.

The Ministry of Energy (Power Division) submitted a summary on the incentive package announced by the Prime Minister regarding reduction in the electricity price.

The meeting considered and approved the Prime Minister’s relief package of Rs5/unit by way of reduction in the electricity charges, base rate for the relief period of four months (March 2022 to June 2022).

The relief package will be applicable to all commercial and domestic non-ToU consumers having monthly consumption up to 700 units, excluding life-line consumers. The cash flow requirement for the Prime Minister’s relief package is Rs136 billion.

The Petroleum Division submitted another summary on the reimbursement of the price differential claims of the oil marketing companies (OMCs) and refineries, in line with the Prime Minister’s relief package of reduction in the consumer prices of Motor Spirit and Diesel by Rs10/litre.

The price differential would be paid to the OMCs and refineries by the government as a subsidy to avert any shortage in the market. The ECC approved a special PDC disbursement mechanism to pay the PDC speedily within 15 days, opening of a special assignment account with PSO and initial amount of Rs20 billion to PSO in accordance with the mechanism.

The ECC also considered and approved technical supplementary and supplementary grants including Rs428.90 million to foreign affairs division to meet the expenditure for holding of 48th session of the OIC Council of Foreign Ministers to be held in Islamabad on 22 to 23 March, 2022, 47.561 million to poverty Alleviation and Social Safety Division, and Rs135.078 billion for principal and interest payments against Naya Pakistan Certificates and Islamic Naya Pakistan Certificates.

Federal Minister for National Food Security and Research Syed Fakhar Imam, Federal Minister for Railways Muhammad Azam Khan Swati, Federal Minister for Energy Hammad Azhar, Federal Secretaries and senior officers attended the meeting.

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