FEDERAL MINISTER FOR FINANCE AND REVENUE, DR. ABDUL HAFEEZ SHAIKH, CHAIRING A MEETING OF THE ECONOMIC COORDINATION COMMITTEE (ECC) OF THE CABINET, ISLAMABAD ON FEBRUARY 08, 2021.

ISLAMABAD, Feb 08 (APP): The Economic Coordination Committee (ECC) of the Cabinet Monday approved the report of the Implementation Committee regarding payment mechanism to clear the outstanding dues of Independent Power Producers (IPPs).

However, the committee, the meeting of which was chaired by Federal Minister for Finance and Revenue, Dr. Abdul Hafeez Shaikh, also directed for presenting same before Cabinet for final approval, said a press statement issued by the Finance Ministry.

Earlier, Secretary, Ministry of Energy briefed the ECC about the detailed report by the Implementation Committee regarding conversion of Memorandum of Understandings (MOUs) into Agreements with 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 30th November, 2020” the statement added.

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 Rs836 billion for the government over the average life of the projects.

Meanwhile, The Federal Board of Revenue 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.

Among others, Federal Minister for Planning, Development and Special Initiatives Asad Umar, Federal Minister for Energy Omar Ayub Khan, Adviser to the PM on Institutional Reforms and Austerity Dr. Ishrat Hussain, SAPM on Revenue Dr. Waqar Masood, SAPM on Power Tabish Gauhar, Governor State Bank Reza Baqir, Chairman Federal Board of Revenue and Chairman Board of Investment participated in the meeting.