ECC approves increase in PIA’s commercial borrowing guarantee limit by Rs 13.585 billion

APP63-01 ISLAMABAD: November 01 - Prime Minister Shahid Khaqan Abbasi chairing a meeting of the Economic Coordination Committee at PM Office. APP

ISLAMABAD, Nov 1 (APP)::The Economic Coordination Committee (ECC) of the Cabinet, in its meeting held here Wednesday with Prime Minister Shahid Khaqan Abbasi in the chair, approved a proposal to increase the commercial borrowing guarantee limit of Pakistan International Airlines (PIA) by Rs 13.585 billion.

In order to provide relief to the families of Shuhuda (martyrs), the ECC approved a proposal to include words “and Shuhuda Family Welfare Account” in clause (6) Part III and clause (36 A), Part IV of the Second Schedule to the Income Tax Ordinance 2001, a press release issued by the PM’s Office here said.
The ECC also approved a proposal that Minimum Guaranteed Price for the wheat crop 2017-18 may be maintained at the previous year’s level, that is Rs 1,300 per 40Kg.
Supply of 20,000 metric tons of wheat from PASSCO to the United Nations World Food Programme for temporary dislocated persons of Federally Administered Tribal Areas was also approved.
Proposal to allocate 14.8 MMscfd gas (upto 8.0 MMscfd gas from Aminah Gas Field and upto 6.8 MMscfd gas from Ayesha North Field) to M/s Sui Southern Gas Company Limited (SSGCL) was approved.
The ECC also granted exemption from rule 43 of 1986 Rules for Development and Production Leases over Sara and Suri fields.
Approval of field development plan and grant of development and production lease for Mubarak block No. 2769-4 and Gambat block No. 2668-4 was also accorded by the ECC.
The ECC approved a proposal of the Petroleum Division that 83.2 MMscfd (i.e upto 74 MMscfd gas from Shahdadpur, up-to 2.2 MMscfd gas from Shahdadpur East and up-to 7 MMscfd gas from Shadadpur West D&PL) be allocated/regularized to SSGCL as its network already exists in the area and that gas from same block is already being supplied to the company.
The ECC also approved a proposal for construction of Machike-Tarujabba Oil Pipeline Project on BOT (build-operate-transfer) basis for the transportation of oil from Lahore to Peshawar. The construction of this pipeline would facilitate easy and inexpensive transportation of oil.
The ECC also granted exemption from the provisions of Section 7B of the Income Tax Ordinance 2001 for recipients of profit on debt from Behbood Saving Certificates and Pensioners Benefit Accounts.