ISLAMABAD, Pakistan: The Federal Minister for Finance and Revenue Senator Mohammad Ishaq Dar on Friday presided over the meeting of the Economic Coordination Committee (ECC) of the Cabinet in Islamabad.
The Federal Minister for Commerce Syed Naveed Qamar, the Federal Minister for Power Khurram Dastgir Khan, the Minister of State for Finance and Revenue Dr. Aisha Ghous Pasha, Tariq Bajwa, the Prime Minister’s Special Assistant (SAPM) on Revenue Tariq Mehmood Pasha, the SAPM on Government Effectiveness Dr. Muhammad Jehanzeb Khan, the Chairman SECP, Federal Secretaries and other Senior Officers attended the meeting.
The ECC considered a summary of the Ministry of National Health Services, Regulations and Coordination and allowed fixation of Maximum Retail Prices (MRPs) of 18 new drugs as recommended by Drug Pricing Committee (DPC). The prices of these 18 new drugs are at the lowest as compared to the prices of same drugs in Neighboring Countries especially in India.
Finance Minister Senator Mohammad Ishaq Dar chaired the meeting of the ECC and approved a number of proposals of ministries/divisions including prices of 18 new drugs, which are lowest as compared to their prices in neighbouring countries, reduction in prices of 20 drugs,etc. pic.twitter.com/U54Qi0wDJS
— Ministry of Finance (@FinMinistryPak) February 10, 2023
The ECC considered another summary of the Ministry of National Health Services, Regulations and Coordination on Maximum Retail Price (MRP) of Paracetamol products and approved the recommendation of Drug Pricing Committee (DPC) for increase in Maximum Retail Price (MRP) of Paracetamol products and fixed price of Paracetamol Plain Tablet 500 mg at Rs 2.67 and Paracetamol Extra Tablet 500 mg at Rs 3.32.
The Economic Coordination Committee also considered another summary of the Ministry of National Health Services, Regulations and Coordination and approved the recommendation of Drug Pricing Committee (DPC) for reduction in Maximum Retail Prices (MRPs) of 20 drugs.
THE Ministry of Energy (Power Division) presented a summary on refinancing of Power Holding Limited’s debt and a surcharge to recover markup payments.
The ECC after discussion approved the proposal to recover Rs 76 billion while exempting non-ToU domestic consumers having consumption 300 units and private agriculture consumers in four months period from March 2023 to June 2023 to recover the markup charges of PHL loans and allowed to impose additional surcharge of Rs 1/unit for FY 2023-24 to recover additional markup charges of PHL loans not covered through the already applicable FC surcharge. The above surcharges will be applicable to K-Electric consumers to maintain uniform tariff across the country.
The ECC also deferred PHL’s principal installments payable in respect of Rs 283.287 billion for a period of two years from the date of execution of fresh facilities and directed Finance division to issue a government guarantee for repayment of principal as well as interest/fees, etc for the fresh facilities of Rs 283.287 billion.
The ECC considered and approved the proposals contained in another summary of Ministry of Energy (Power Division) regarding recovery of staggered Fuel Charges Adjustment applicable for the months of August and September 2022.
The Economic Coordination Committee deferred the electricity bills for the month of September 2022 for commercial consumers in the flood affected areas till the next billing cycle and waived off electricity bills for the months of August and September 2022 for the non- ToU domestic consumers having 300 units consumption.
The ECC also approved additional supplementary grant of Rs 10.34 billion to cover waiver of electricity bills in flood affected areas.
Moreover, the ECC also considered another summary of Ministry of Energy (Power Division) and approved the Revised Circular Debt Management Plan.
The ECC considered and approved in principle a summary of Finance Division on Kamyab Pakistan Program and entrusted the State Bank of Pakistan (SBP) to validate the claims of Wholesale lenders (WLs) after due diligence due to non-existence of Program Management Unit (PMU) at the Finance Division.
The ECC considered a summary of Ministry of Energy (Petroleum Division) and granted approval for declaration of commerciality (DOC),Field Development Plan (FDP) and Development and Production lease (D&PL) for the period of five years w.e.f. January 25, 2022 over Jugan Field (Latif Block) to M/s United Energy Pakistan (UEP) Beta.
The ECC also considered another summary of Ministry of Energy (Petroleum Division) and granted two years extension in renewal in Missa Keswal Development and Production Lease (D&PL) covering an area of 23.43 Sq kms in district Rawalpindi, Punjab w.e.f. April 11, 2022.
The ECC also approved in principle a technical supplementary grant of Rs 450 million in favour of the Ministry of Defence.
