Federal Minister for Finance and Revenue, Dr Abdul Hafeez Shaikh, chaired the meeting of the Economic Coordination Committee (ECC) of the Cabinet on Monday.
Federal Minister for Planning, Development and Special Initiatives Asad Umar, Federal Minister for Energy Omar Ayub Khan, Adviser to the Prime Minister on Institutional Reforms and Austerity Dr. Ishrat Hussain, Special Assistant to Prime Minister (SAPM) on Revenue Dr Waqar Masood, SAPM on Power Tabish Gauhar, Governor State Bank Reza Baqir, Chairman FBR and Chairman Board of Investment participated in the meeting.
Secretary Ministry of Energy briefed the ECC about the detailed report by the Implementation Committee regarding conversion of memorandums of understanding (MOUs) into Agreements with Independent Power Producers (IPPs) to devise a payment mechanism for clearing outstanding payables.
The Implementation Committee has agreed the payment mechanism with the 46 IPPs to clear the outstanding dues as on November 30, 2020.
The ECC commended the efforts made by the Implementation Committee and acknowledged the input of all concerned including Federal Minister for Energy, Federal Minister for Planning, SAPM on Power, Finance Division, Chairman Federal Land Commission, SAPM on Revenue, Governor SBP etc in working out a viable payment mechanism with the IPPs which will eventually save approximately Rs 836 billion for the Government over the average life of the projects. The ECC approved the report of the Implementation Committee with a direction to present the same before Cabinet for final approval.
FBR presented a summary regarding procurement of video Analytics Surveillance system (VAS) for proper monitoring of the production and sale of sugar in compliance with the directive of the Prime Minister. The ECC approved an allocation of Rs 350 million as a Technical Supplementary Grant for installation of the most optimal VAS solution at the sugar mills’ premises during the current crushing season as requested by the FBR.