The Pakistan Steel Mills (PSM) employees’ net salaries for the fiscal year (2022–23) have been approved by the Economic Coordination Committee (ECC) of the Cabinet.
It also decided that the electricity tariff for five export-oriented sectors will be effective on August 1 and the RLNG tariff will be effective on July 1 of the same year.
A summary of the Ministry of Commerce’s request for an amendment to its earlier decision dated 25-07-2022 on regionally competitive energy rates for export-oriented sectors was presented at the ECC meeting, which was presided over by Finance Minister Ishaq Dar.
According to sources, the Commerce Ministry claimed in the summary that the meeting on July 25, 2022, which was subsequently approved by the Cabinet, took into consideration regionally competitive energy rates for export-oriented sectors during the fiscal year 2022–23 (effective July 1, 2022).
The Cabinet agreed, as recommended by the Minister of Finance, that only the electricity rate would be applicable starting on August 1, 2022, as approved by the ECC.
However, the Cabinet Division mistakenly recorded this agreement in the minutes, stating that the rate would begin to apply on August 2, 2022, rather than specifically stating that it would only apply to electricity.
As a result, the Petroleum Division implemented the RLNG decision, which will take effect on August 1, 2022, just like it did with electricity. A change to the ECC’s earlier decision was requested, and as a result, the electricity tariff will take effect on August 1, 2022, while the RLNG tariff will take effect on July 1, 2022, for the fiscal year 2022–2023
Following discussion, the ECC also agreed to the Ministry of Commerce’s proposal to amend Import Policy Order 2022 to permit the import of the Holy Quran with the approval of the relevant federal or provincial authority.
The ECC also approved a second summary of the Ministry of Commerce’s request for a change to the earlier decision of the ECC dated 25-07-2022 on regionally competitive energy rates for export-oriented sectors during FY 2022–23, allowing the change that “the electricity tariff will be effective from 1st August 2022, whereas RLNG tariff will be effective from 1st July 2022.”
The ECC took into account a summary of the petroleum division and authorised the granting of a Development and Production Lease (D&PL) for (15) fifteen years starting on January 15, 2022, over the Kandhkot Mining Lease area, provided that M/s PPL fulfills all financial obligations in accordance with the Petroleum Policy of 2012.
The Defence Division received technical supplementary grants worth Rs30,888.5 million from the ECC, and the Ministry of Housing and Works received grants worth Rs1 billion.
The Ministry of Industries and Production requested that a summary be reviewed and approved at the meeting in order to pay the projected net salary of Rs. 1,378 million to Pakistan Steel Mills (PSM) employees through a technical supplementary grant each month for the fiscal year 2022–23. The choice will guarantee that the employees receive their monthly salaries.
