The Economic Coordination Committee has approved setting the electricity rates for agricultural tubewells under Kisan Package at Rs.13 per kilowatt hour instead of Rs.16.60 per kilowatt hour

Islamabad. November 29 (APP): The Economic Coordination Committee of the Cabinet has approved setting the electricity rates for agricultural tube wells at Rs. 13 per kilowatt hour instead of Rs. 16.60 per kilowatt hour under the Kisan package of the Prime Minister of Pakistan. It will be from November 1, 2022. Technical supplementary grants for several ministries and support prices for tobacco were also approved in the meeting.

The Economic Coordination Committee (ECC) meeting was held here on Tuesday under the chairmanship of Federal Minister for Finance and Products Senator Muhammad Ishaq Dar, in which Federal Minister for National Food Security and Research Tariq Bashir Cheema, Federal Minister for Power Khurram Dastgir Khan, Federal Minister for Industries and Production Syed Murtaza. Mahmood, Federal Minister for Information and Broadcasting Maryam Aurangzeb, Federal Minister for Planning, Development and Special Initiatives Ahsan Iqbal, MNA and former Prime Minister Shahid Khaqan Abbasi, Special Assistant to Prime Minister for Finance Tariq Bajwa, Special Assistant to Prime Minister for Revenue Tariq Mehmood Pasha. , Prime Minister's Coordinator for Trade and Industry Rana Ehsan Afzal, Federal Secretaries, Chairman FBR and other senior officers attended.

In the meeting, a summary was presented about the launch of the Credit Guarantee Trust Fund through the Second Supplementary Trust Deed by the Ministry of Finance. It was informed in the meeting that Pakistan Mortgage Refinance Company Limited (P. (MRCL) was established to enable Banks/Development Finance Institutions (DFIs) to raise medium and long-term loans from the capital debt market at affordable rates. Launched a scheme titled Trust Scheme Credit Guarantee under Deed to expand the provision of risk cover in respect of financing in the housing sector.

The meeting was informed that the World Bank has approved an additional line of credit for the Government of Pakistan for the Housing Finance Project which may be sanctioned in the Credit Guarantee Trust Fund. Allowed the launch of a new scheme of $85 million titled the Trust Scheme for Low Income Housing which will be sourced from the World Bank to provide risk cover to financial institutions from financing in the housing sector.

In the meeting, the Ministry of National Food Security and Research presented a summary regarding the notification of minimum index prices for fixation and tobacco crop 2023. The ECC has approved the minimum prices for various categories after detailed deliberations. It was approved to fix the price of tobacco for plain area at Rs.310 per kg while for sub-mountainous area the price of tobacco per kg is set at Rs.351. Similarly, it was approved to fix the price of Dark Air Cured Tobacco (DAC) at Rs.190, white belt at Rs.146, burley at Rs.223 and snuff/ snuff/ hakka and other tobacco and its products at Rs. 146 per kg.

In the meeting, a summary was presented by the Power Division regarding uniform tariff for electricity. The meeting was informed that there is a need to amend the applicable uniform variable rates of K Electric. The meeting was informed that General Supply Tariff-Residential, General Supply Tariff – Commercial, Industrial Supply Tariff, Bulk Supply Tariff, Agriculture Tariff and category wise increase in public lighting with recovery should be maintained across the country. The meeting was informed that such adjustment will be applicable for a period of four months. The consumption from October 22 to January 23 will be charged to consumers from December 22 respectively in March. The ECC approved the proposal after deliberation.

On another summary of the Power Division, the ECC approved a technical supplementary grant of Rs 93.438 billion in three installments of Rs 31.146 billion each. In the meeting, a summary was presented on the part of the Ministry of Commerce regarding rationalization and appropriateness of individual tariffs by revising the Regulatory Duties (RDs) for various sectors. The ECC approved the summary after a detailed discussion. Based on the summary submitted by the Ministry of National Food Security, the ECC approved the basic tariff for electricity under Kisan Package 2022. Under the Kisan package, the agricultural tubewell electricity rates will be Rs 13 per kWh instead of Rs 16.60 per kWh, with effect from November 1, 2022.

In the meeting, a summary was presented on the budget allocation for launching a comprehensive media awareness campaign on the government's initiatives, programs and projects by the Ministry of Information and Broadcasting. Approved a supplementary grant of 2 billion rupees for the campaign.

The ECC has approved Rs 15 billion in favor of the Election Commission of Pakistan for the current financial year 2022-23, out of which Rs 5 billion will be released immediately while the remaining funds will be released in installments on utilization of the first amount. In the meeting, 162.521 million rupees will be approved for the Ministry of Housing and Works, 250 million rupees for the implementation of the development scheme for the construction of railway underpass in District Toba Tek Singh Gujra and 144.210 million rupees for the implementation of development schemes in Dera Ismail Khan district. Also given.

The news is published by EMEA Tribune & Associated Press of Pakistan