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ECC approves Textiles and Apparel Policy 2020-25

ISLAMABAD, Pakistan: The Federal Minister for Finance and Revenue Shaukat Tarin presided over the Economic Coordination Committee (ECC) of the Cabinet in Islamabad on Wednesday.

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The Federal Minister for National Food Security and Research Syed Fakhar Imam, Federal Minister for Energy Hammad Azhar, the Federal Minister for Privatization Muhammedmian Soomro, the Prime Minister’s Adviser on Commerce and Investment Abdul Razak Dawood, Federal Secretaries and senior officers attended the meeting.

The Ministry of Commerce submitted revised Textiles and Apparel Policy 2020-25 after incorporating few changes along-with implementation report. The ECC after deliberation approved the policy with certain amendments.

The ECC discussed in details and approved summary submitted by the Ministry of Communication for issuance of sovereign guarantee or SBLC worth of Rs 6944.0 million against Operational Viability Gap Funding (VGF) for the construction of Sialkot (Sambrial) – Kharian Motorway project on BOT basis.

The Ministry of Energy, Petroleum Division submitted a summary on 15 years’ extension of lease contract between Saindak Metals Limited and MCC China for Saindak Copper Gold Project.

The ECC after detailed discussion allowed the extension of lease contract and recommended to review financial aspect of the project annually by the professional expertises.

The ECC also approved the Ministry of Energy, Petroleum Division’s summary on determination of RLNG sale price for PLL’s supply to K-Electric (KE).

On another summary of the Ministry of Energy, the Petroleum Division for revision of gas price of Mazarani Gas field held by M/s PPL and GHPL, the ECC approved the proposal of revision of gas price applicable to Mazarani Gas Field from US$ 1.75/MMBTU to US$ 3.75MMBTU from September 1, 2021.

The ECC also considered and approved Technical Supplementary Grants submitted by different Ministries/Divisions.

The ECC deferred Power Division’s two summaries on Settlement of Payables to Government Owned Power Plants and Reinstatement of Tax on dividend for investors/shareholders of IPPs.

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