\u2022 Approves Rs100bn financing facility for PSO
\n\u2022 Oil company facing over Rs900bn receivables from SOEs
\n\u2022 Special honoraria expanded to more ministries, departments
\n\u2022 Rs10.15bn cleared for Pakistan Navy\u2019s Hangor Project
\n\u2022 Rs4.38bn granted to Gilgit-Baltistan ahead of elections<\/p>\n
ISLAMABAD: Less than a week before the next budget, the Economic Coordination Com\u00admittee (ECC) of the cabinet on Friday approved more than Rs40 billion in supplementary grants and a Rs100bn sovereign-guarantee-backed financing facility for the Pakistan State Oil (PSO), which is facing over Rs900bn in receivables from other state-owned enterprises, raising concerns about smooth oil supplies.<\/p>\n
And despite financial constraints forcing development cuts in the name of IMF restrictions, the ECC meeting, presided over by Finance Minister Muhammad Aurangzeb, also allowed Rs10bn additional funds for parliamentarians\u2019 development schemes and expanded the scope of special honoraria running up to six-month additional salaries to more ministries and departments involved in federal budget preparations.<\/p>\n
The benefit, already available to officials in around a dozen ministries and entities, including finance, revenue, planning, development, FBR, National Assembly, Senate and the Prime Minister\u2019s Office, was expanded to the Law and Justice Division, Commerce Division and the Accountant General of Pakistan Revenue (AGPR). The fiscal impact was not disclosed.<\/p>\n
The meeting also changed the composition of a committee set up to settle about Rs60bn in petroleum levy dues charged to consumers but allegedly withheld by Cnergyico Refinery since 2019, citing concerns over conflict of interest, and ordered a tightened recovery plan.<\/p>\n
An official statement said the ECC approved a summary submitted by the Cabinet Division for Rs7.026bn through a technical supplementary grant for the Sustainable Development Goals Achievement Programme (SAP).<\/p>\n
\u201cThe allocation will facilitate continuity of development projects, prevent cost escalations, and timely achievement of programme objectives,\u201d the statement said.<\/p>\n
Officials said the finance minister was under pressure from the leadership to provide funds for parliamentarians\u2019 schemes in the outgoing fiscal year despite an about Rs175bn cut in the core development programme.<\/p>\n","protected":false},"excerpt":{"rendered":"
\u2022 Approves Rs100bn financing facility for PSO \u2022 Oil company facing over Rs900bn receivables from SOEs \u2022 Special honoraria expanded to more ministries, departments \u2022 Rs10.15bn cleared for Pakistan Navy\u2019s Hangor Project \u2022 Rs4.38bn granted to Gilgit-Baltistan ahead of elections ISLAMABAD: Less than a week before the next budget, the Economic Coordination Com\u00admittee (ECC) of […]<\/p>\n","protected":false},"author":1,"featured_media":18411,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[4],"tags":[],"class_list":["post-18410","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-business-news"],"_links":{"self":[{"href":"https:\/\/weeklyyoung.pk\/index.php?rest_route=\/wp\/v2\/posts\/18410","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/weeklyyoung.pk\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/weeklyyoung.pk\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/weeklyyoung.pk\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/weeklyyoung.pk\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=18410"}],"version-history":[{"count":1,"href":"https:\/\/weeklyyoung.pk\/index.php?rest_route=\/wp\/v2\/posts\/18410\/revisions"}],"predecessor-version":[{"id":18412,"href":"https:\/\/weeklyyoung.pk\/index.php?rest_route=\/wp\/v2\/posts\/18410\/revisions\/18412"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/weeklyyoung.pk\/index.php?rest_route=\/wp\/v2\/media\/18411"}],"wp:attachment":[{"href":"https:\/\/weeklyyoung.pk\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=18410"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/weeklyyoung.pk\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=18410"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/weeklyyoung.pk\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=18410"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}