The Economic Coordination Committee (ECC) of the federal cabinet on Monday approved a series of key economic decisions, including a Rs. 3 billion relief package for flood-affected areas of Gilgit-Baltistan and funding support for the Pakistan Television Corporation (PTV), among other initiatives.
Chaired by Finance Minister Muhammad Aurangzeb, the meeting included the participation of Power Minister Awais Ahmad Khan Leghari, Petroleum Minister Ali Pervaiz Malik, National Food Security Minister Rana Tanveer Hussain, Special Assistant to the Prime Minister on Industries Haroon Akhtar Khan, and senior officials from relevant ministries and regulatory bodies.
Relief for Gilgit-Baltistan
In a significant humanitarian measure, the ECC approved a Rs. 3 billion package for flood relief in Gilgit-Baltistan, following Prime Minister Shehbaz Sharif’s recent visit to the affected region. The funds would be utilized for essential supplies such as tents, food, and medicine, and to support the reconstruction of damaged infrastructure and early recovery efforts.
Financial support for PTV
The ECC also approved a Rs. 3.813 billion technical supplementary grant for Pakistan Television Corporation (PTV) to cover salaries, pensions, and operational expenses, with the remaining portion of an overall Rs. 11 billion request to be released on a quarterly basis. However, the committee emphasized the need for PTV to reduce its dependence on government funding and move toward financial self-sustainability.
Recovery of petroleum levy
The committee approved a settlement framework to recover petroleum levy arrears from M/s Cnergyico PK Limited (CPL), which has been in default since 2019. In line with decisions made by the Special Investment Facilitation Council (SIFC), the Petroleum Division was authorized to sign a settlement deed with CPL for the audited principal amount. The ECC directed strict compliance with the settlement terms to ensure full recovery.
Benefit for grid consumers
On a summary from the Power Division, the ECC approved a mechanism to pass on the benefit of levies collected from captive power consumers to those on the national electricity grid. The move aims to ease the burden on regular grid consumers and improve fairness in tariff structures.
Approval for strategic oil pipeline project
The ECC also gave the green light to revised terms and conditions for the Machike-Thallian Tarrujabba White Oil Pipeline project, a strategic initiative being developed in partnership with Azerbaijan. The project is expected to enhance Pakistan’s oil transportation infrastructure while deepening bilateral ties with Baku.
The decisions come as part of ongoing efforts to stabilize Pakistan’s economy, enhance transparency in public sector finances, and provide timely support to crisis-hit regions.