ECC defers TAPI project for further deliberation

ISLAMABAD: The Economic Coordination Committee (ECC) of the Cabinet has deferred the multi-billion-dollar TAPI project as a Qualified Investment Incentive Package for further deliberations and examination of the legal aspects, incentives, and concessions.

The Federal Minister for Finance, Revenue, and Economic Affairs, Dr Shamshad Akhtar presided over a meeting of the ECC of the Cabinet, Thursday.

The meeting was attended by the Minister of Planning, Development and Special Initiatives Sami Saeed, Minister for Energy Muhammad Ali, Minister for Communications, Maritimes Affairs and Railways Shahid Ashraf Tarar, Minister for Law and Justice Ahmed Irfan Aslam, Advisor to PM on Finance Dr. Waqar Masood, FBR Chairman Malik Amjad Zubair Tiwana, Chairperson EOBI Ms. Naheed Durrani, federal secretaries, and other senior government officers of the relevant ministries.

Pakistan Bureau of Statistics (PBS) briefed the meeting on the inflation situation and the latest trends of prices of various essential commodities. ECC directed National Price Monitoring Committee to continue regular coordination with the provincial governments for measures to ensure price stability and to check hoarding and profiteering.

The ECC also considered a summary of Ministry of Overseas Pakistanis and Human Resource Development for approval of budget of Employee Old Age Institution (EOBI). ECC was informed that EOBI’s contribution collection had remained stagnant during past years but had recently witnessed a substantial increase of around Rs100 billion. ECC appreciated EOBI for its good performance and directed to strictly follow the budget calendar and prepare a long term plan to clear the Rs2 trillion liabilities of pension dues. The forum approved the proposed budget of the organisation.

The summary for approval of TAPI project as Qualified Investment Incentive Package under the Foreign Investment (Promotion and Protection) Act, 2022 (FIPPA) was discussed at length.

The forum observed that it was a much-needed project and should be launched without delay. The ECC also observed that the proposal for inclusion of the project under the FIPPA Act required further deliberations and examination of the legal aspects, incentives and concessions.

A summary of Power Division for approval of the principles for settlement of capacity deduction issues of imported coal based projects and subsequent execution of side agreement with Port Qasim Electric Power Company was also discussed. After detailed discussion, ECC approved settlement of the issue with PQEPCL as proposed by the Power Division.

A meeting of Cabinet Committee on State Owned Enterprises (SOEs) was also held Thursday which gave the approval of publication of consolidated report of the State-Owned Enterprises for FY-2019-2020, 2020-2021 & 2021-2022.