Abb Takk News

Islamabad (November 07, 2018): Finance Minister Asad Umar chaired the Economic Coordination Committee (ECC) meeting in Islamabad today.

The ECC approved one month salary for the employees of Pakistan Steel Mills, doubling the quantum of Saarc Food Bank Reserve and issues arising out of the construction of LNG terminals and price rationalisation of cement.

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The ECC considered amendments to Petroleum (Exploration and Production) Policy 2012 to create a fresh zone for high-risk frontier regions with better returns, offering prospects of higher hydrocarbon finds and production.

The meeting also took up massive tax evasion by the sugar industry, incentive package for oil and gas exploration and challenges faced by Pakistan State Oil (PSO). Previously on October 24, after suspending thrice, the Economic Coordination Committee (ECC) gave the approval of an increase in power tariffs.

The decision of increase in power prices was made in ECC meeting Presided over by the finance minister Asad Umar.

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Announcing the decision finance minister said that the increase in price less than what was expected as the step was the part of a drive to bridge the gap between receives and payment of circular debts.

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