The ECC formed a committee to resolve the issue of circular loans

The ECC formed a committee to resolve the issue of circular loans

Islamabad: The Economic Co-ordination Committee (ECC) of the Cabinet on Wednesday constituted a committee to prepare a proposal on the modalities for clearing the circular debt of the Petroleum Division.

The committee was set up during an ECC meeting chaired by Dr Abdul Hafeez Sheikh, Advisor to the Prime Minister on Finance.

The committee comprises of Finance Division, Power and Petroleum Division, Planning Division, Securities and Exchange Commission of Pakistan (SECP), Oil and Gas Regulatory Authority (OGRA), Oil and Gas Development Company Limited (OGDCL). Relevant stakeholder members will be involved. , Pakistan State Oil (PSO), Sui Northern Gas Pipelines Limited (SNGPL), Pakistan Petroleum Limited (PPL), Government Holdings Private Limited (GHPL) and Pakistan LNG Limited ( PLL).

The committee will make a thorough proposal in a month and present it to the ECC.

The Cabinet Committee also decided that the issue of circular loans would be considered as a whole and a solution would be worked out to resolve the issue.

The committee, meanwhile, approved technical additional grants for the National Accountability Bureau (NAB), the Ministry of Health’s immunization program, Hajj expenses and the Ministry of Religious Affairs for the Anti-Drug Force.

On the occasion, the Ministry of National Food Security and Research updated the ECC on the situation of wheat imports in the country.

The ministry informed the committee that the Trading Corporation of Pakistan (TCP) has opened the sixth tender for 110,000 MT of wheat, which will be 320,000 MT once the price is equal.

The ministry said that by January 2021, there would be ample availability of wheat in the country and with the increase in supply, prices would eventually come down.

The committee, at his request, added another 10,000 MT to Gilgit-Baltistan’s quota, from 150,000 MT to 160,000 MT.

The modalities for increasing the quota for Gilgit-Baltistan will be decided later.

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