The Economic Coordination Committee has approved the draft Transaction Advisory Agreement reached with the International Finance Corporation for the outsourcing of three airports.
Finance Minister Ishaq Dar presided over the ECC meeting. It was informed that the outsourcing of three airports has been initiated within the scope of the Public-Private Partnership Act-2017 to engage private investors through a competitive and transparent process to run the airports, develop appertaining land assets and enhance avenues for commercial activities and to garner full revenue potential.
The International Finance Corporation, a part of the World Bank Group, has been qualified as a transaction advisor. Economic Coordination Committee of the Cabinet (ECC) meeting chaired by Finance Minister Senator Ishaq Dar, approved number of financial proposals of Power, Petroleum, Aviation and Housing and Works Divisions including engagement of IFC as Tech Advisor for outsourcing three airports
The ECC after detailed discussion approved the draft Transaction Advisory Agreement (TASA), reached with the IFC by PCCA for outsourcing of three airports. The ECC also considered and approved the following summaries submitted by the Ministry of Energy (Petroleum Division); Approved Declaration of Commerciality and Field Development Plan over Hilal and Iqbal discoveries in favour of M/s Mari Petroleum Company Limited (MPCL).
Committee also granted second two years’ renewal over Kirthar exploration license block in favour of Polish Oil & Gas Company Limited (POGC) w.e.f 28-08-2022. The ECC granted permission for Extended Well Testing (EWT) over the Ghazi-1 discovery to M/s Mari Petroleum Company Limited (MPCL).
Additionally, ECC also decided to provide the following Technical Supplementary grants for the current fiscal year: Rs. 607.6 Million in favour of the Ministry of Energy (Power Division) for the execution of development schemes in Sindh province.
The ECC also approved Rs.1689.5 million in favour of the Ministry of Housing and Works for the execution of development schemes under the SDGs Achievement Programme (SAP) in KPK and Sindh provinces. Rs 5000 Million in favour of the Ministry of Housing and Works for the execution of development schemes in erstwhile FATA.
The ECC deferred a summary submitted by the Ministry of Energy (Power Division) on the implementation agreement signed between the Government of Pakistan and K-Electric (Erstwhile KESC) on the pending issue of payment of duties and taxes.
Federal Minister for Power Mr. Khurram Dastgir Khan, Federal Minister for Industries and Production Syed Murtaza Mahmud, Federal Minister for Commerce Syed Naveed Qamar, Federal Minister for Aviation Khawaja Saad Rafique, Minister for Board of Investment Chaudhry Salik Hussain, Minister of State for Finance and Revenue Dr. Aisha Ghous Pasha, Federal Secretaries and other senior officers attended the meeting.