General

ECC meeting under way in Islamabad

A meeting of the Economic Coordination Committee (ECC) is under way in Islamabad.
Members of the committee are likely to mull over a hike in gas tariff in the meeting.
Gas companies have demanded a hundred per cent increase in tariff, sources said.
The ECC will take the final decision to increase gas tariff today.
The committee is also likely to decide on the local output of fertiliser and its import quantities.
Earlier on Wednesday, the ECC was informed that the country’s circular debt stood at Rs596 billion, following an increase of Rs30 billion in July.
Another Rs582 billion was parked with the Power Holding Company under the STFF arrangements, hence bringing the total current liability to Rs1,188 billion, the Ministry of Energy, Power Division told the ECC in its detailed presentation based on data compiled up to July 31, 2018.
The finance minister said that all the facts would be made public to make decision making a transparent and inclusive exercise. He also expressed displeasure over the issue of fertilizer pricing and its export, by the previous government, which was totally against the interests of farmer community.
Moreover, the summary for Pakistan State Oil’s financial health and liquidity position was deferred as the issue was closely linked with circular debt.