Friday, September 24, 2021

The ECC has approved a $17.3 million loan to PIA to pay off the Roosevelt Hotel’s debts

According to the Auditor’s report and the PIA-IL Board’s recommendation, the ECC allowed $17.3 million for PIA-IL to pay recurring and one-time liabilities in relation to the Roosevelt Hotel in New York, USA.

It also approved the Ministry of National Food Security and Research’s request for 500,000 MT of wheat from the PASSCO stock for the government of Khyber Pakhtunkhwa (KP) during the crop year 2021-22 on the regular terms and conditions. The Food Department of KP shall be responsible for all costs, including those that arise as a result of this. Similarly, the Food Department of KP was given 500,000 MT of imported wheat to suit the provincial demand.

The ‘Policy for Regulation of NGOs/NPOs Receiving Foreign Contributions 2021′ was approved by the ECC. The NGO Policy 2021 was created to encourage a culture of collaboration between the public and private sectors.

Furthermore, under the new policy, the registration approval process will be completed in a maximum of 60 days via online application and consultation, avoiding manual processing and considerable delays.

The ECC praised the Economic Affairs Division’s work in developing the much-needed policy and requested that any additional ideas or positive input from all key stakeholders be incorporated into the policy, with a report to be submitted with the forum within four to eight weeks.

It also authorised the proposal of the Ministry of Energy (Petroleum Division) for permitting up to 0.5 percent operational losses for the transportation of gasoline in the WOP and MFM pipelines via the Inland Freight Equalization Margin (IFEM).

The ECC also authorised the Ministry of National Food Security and Research’s proposal to import three million tonnes of wheat, subject to permission by the PPRA Board, in order to build up the country’s strategic wheat reverses.

Hammad Azhar, the federal Minister for Energy; Azam Khan Swati, the federal Minister for Railways; Omar Ayub Khan, the federal Minister for Economic Affairs Division; Ali Haider Zaidi, the federal Minister for Maritime Affairs; and Syed Fakhar Imam, the federal Minister for National Food Security and Research; Muhammad Mian Soomro, the federal Minister for Privatization; Abdul Razak Dawood, the Prime Minister’s Adviser on Commerce; Dr.Ishrat Hussain, the Prime Minister’s Adviser on Institutional Reforms and Austerity; Tabish Gauhar, the Special Assistant to the Prime Minister (SAPM) on Power; Dr. Waqar Masood, the SAPM on Finance and Revenue; Dr. Reza Baqir, the Governor of the State Bankall attended the meeting.

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