ECC of the Cabinet after detailed discussion approves the draft TASA, reached with the IFC by PCCA for outsourcing of three airports

ISLAMABAD, Mar 30 (SABAH): Federal Minister for Finance and Revenue Senator Mohammad Ishaq Dar presided over the meeting of the Economic Coordination Committee (ECC) of the Cabinet on Thursday.

Federal Minister for Power Engineer Khurram Dastgir Khan, Federal Minister for Industries and Production Syed Murtaza Mahmud, Federal Minister for Commerce Syed Naveed Qamar, Federal Minister for Aviation Khawaja Muhammad Saad Rafique, Minister for Board of Investment Chaudhry Salik Hussain, Minister of State for Finance and Revenue Dr. Aisha Ghous Pasha, Minister of State for Petroleum Dr. Musadik Masood Malik, Shahid Khaqan Abbasi MNA/Ex-PM, SAPM on Finance Tariq Bajwa, SAPM on Revenue Tariq Mehmood Pasha, Coordinator to the PM on Economy Bilal Azhar Kayani , Coordinator to PM on Commerce & Industry Rana Ihsan Afzal, Federal Secretaries and other senior officers attended the meeting.

The ECC considered a summary of Ministry of Aviation on engagement of International Finance Corporation as transaction advisor for the outsourcing of three airports. It was informed that outsourcing of three airports has been initiated within the scope of Public-Private Partnership Act-2017 to engage private investor/airport operator 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. In this regard, International Finance Corporation (IFC), a part of the World Bank Group, has been qualified as a transaction advisor. 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 following summaries submitted by Ministry of Energy (Petroleum Division);

i.      Approved Declaration of Commerciality and Field Development Plan over Hilal and Iqbal discoveries in favour of M/s Mari Petroleum Company Limited (MPCL).

ii.      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.

iii.     Granted permission of Extended Well Testing (EWT) over Ghazi-1 discovery to M/s Mari Petroleum Company Limited (MPCL).    

Additionally, ECC also decided to provide following Technical Supplementary grants for current fiscal year:

i.      Rs. 607.6 Million in favor of Ministry of Energy (Power Division) for execution of development schemes in Sindh province.

ii.      Rs. 1689.5 Million in favor of Ministry of Housing and Works for execution of development schemes under SDGs Achievement Programme (SAP) in KPK and Sindh provinces.

iii.     Rs 5000 Million in favor of Ministry of Housing and Works for execution of development schemes in erstwhile FATA.

The ECC deferred a summary submitted by Ministry of Energy (Power Division) on implementation agreement signed between Government of Pakistan and K-Electric (Erstwhile KESC) on pending issue of payment of duties and taxes.