ECC approves revised Textiles & Apparel Policy 2020-25

- ECC approves revised Textiles & Apparel Policy 2020-25

ISLAMABAD: The Economic Coordination Committee (ECC), after deliberation, approved the revised Textiles and Apparel Policy 2020-25 with certain amendments.

Federal Minister for Finance and Revenue Shaukat Tarin presided over the ECC meeting on Wednesday. Minister for National Food Security and Research Syed Fakhar Imam, Minister for Energy Hammad Azhar, Minister for Privatization Muhammad Mian Soomro, Adviser to the PM on Commerce and Investment Abdul Razak Dawood, federal secretaries and senior officers attended the meeting.

The committee discussed in details and approved summary submitted by Ministry of Communication for issuance of sovereign guarantee or SBLC worth of Rs. 6944.0 million against Operational Viability Gap Funding (VGF) for the construction of Sialkot (Sambrial) – Kharian Motorway project on BOT basis.

The Ministry of Commerce submitted revised Textiles and Apparel Policy, 2020-25 after incorporating few changes along-with implementation report.

The Ministry of Energy, Petroleum Division submitted a summary on 15 years’ extension of lease contract between Saindak Metals Limited and MCC China for Saindak Copper Gold Project.

 The ECC after detailed discussion allowed the extension of the lease contract and recommended reviewing the financial aspect of the project annually by the professional expertise.  It also approved the Ministry of Energy, Petroleum Division’s summary on determination of RLNG sale price for PLL’s supply to K-Electric (KE).

On another summary of Ministry of Energy, Petroleum Division, for revision of gas price of Mazarani Gas field held by M/s PPL and GHPL, the ECC approved the proposal of revision of gas price applicable to Mazarani Gas Field from $1.75/MMBTU to $3.75MMBTU from 1st September 2021.

The ECC also considered and approved Technical Supplementary Grants submitted by different Ministries/Divisions.It deferred Power Division’s two summaries on Settlement of Payables to Government Owned Power Plants and Reinstatement of Tax on dividend for investors/shareholders of IPPs.

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