ISLAMABAD: The Economic Coordination Committee (ECC) of the Cabinet, presided over by the Federal Minister for Finance, Revenue, and Economic Affairs, Dr. Shamshad Akhtar, held a meeting today.
The attendees included Mr. Sami Saeed, the Minister of Planning, Development, and Special Initiatives, Mr. Fawad Hasan Fawad, the Minister for Privatization, Mr. Muhammad Ali, the Minister for Power and petroleum, Dr. Waqar Masood, Advisor to PM on Finance, Federal Secretaries, and other senior government officials from relevant ministries.
During the meeting, the ECC considered a summary from the Ministry of Energy (Power Division) seeking approval for the draft Power Purchase Agreement (PPAA), Implementation Cooperation Agreement (ICA), Transmission and Distribution Agreement (TDA), and Mediation Agreements to be signed with K-Electric.
The Power Division reported that these agreements were prepared based on recommendations from the Task Force formed by the Prime Minister to address issues between KE and various government entities.
The signing of these agreements is expected to resolve long-standing issues and streamline regular payments to prevent further additions to the circular debt.
The ECC discussed the draft agreements in detail and requested additional information and detailed work from the Power Division to address the raised observations. The matter will be revisited in the next meeting once the required information is provided.
The ECC was briefed by the Pakistan Bureau of Statistics, Ministry of Planning, Development, and Special Initiatives on the inflation situation. Key price indicators were presented, indicating that inflationary pressures persist, albeit declining from the peak of 38 percent in May 2023.
Recent energy price adjustments hindered the downward trajectory, leading to a spike in inflation to 29.2 percent in November 2023. Inflationary expectations are the lowest in almost 12 months, and exchange rate stability plays a crucial role.
The ECC directed relevant ministries to collaborate with provinces to ensure the availability of fertilizer to farmers at notified rates. Strict actions were also mandated against fertilizer dealers overcharging farmers beyond prescribed prices.
