ISLAMABAD, Sept 23 (APP): The Economic Coordination Committee of the Cabinet (ECC) Friday gave approval to four summaries including one moved for issuance of sovereign Sukuk in the international capital markets.

“The ECC allowed Finance Division to issue sovereign Sukuk in the international capital markets,” said a press statement issued by the Finance Ministry after the ECC meeting which was chaired by Finance Minister Mohammad Ishaq Dar.

The Committee approved a summary moved by the Ministry of Water and Power for allowing National Transmission and Despatch Company Limited (NTDC) to approach NEPRA for approval of extension of tariff from January 1st, 2016 to December 31st, 2016 for a contract with TAVANIR Iran for the purchase of 74MW electricity.

The cabinet committee also gave approval to a summary of the Ministry of Water and Power for issuance of a policy directive to NEPRA to allow 1% of the Capital cost net of US$ 150,000/ amount on account of security to be distributed annually, starting from the construction period till the term of the Power Purchase Agreement.

On a summary moved by the Finance Division, ECC gave approval to HBL (Habib Bank Limited) to open a bank branch in Urumqi, China.

The ECC reviewed Macro Economic Indicators and noted that the CPI inflation was estimated to be 3.56 percent in August 2016 compared to 8.55 percent in August 2013 and 11.56 percent in August 2011.

Furthermore, the ECC was informed that there was sufficient wheat stock in the country, which stood at 9.49 million tons on September 20, 2016, compared to 8.75 million tons at the corresponding period last year.

The ECC was also apprised that Large Scale Manufacturing (LSM) increased by 3.2% in FY 2015 16.