ECC allows Wapda to float Eurobonds
The Economic Coordination Committee (ECC) on Thursday approved in principle to allow Water and Power Development Authority (Wapda) to float Eurobonds worth the US $ 500 million for mega-dam projects.
Federal Minister for Finance and Revenue, Dr. Abdul Hafeez‘s finance advisor, chaired a meeting.
Ministry of Water Resources presented a summary for issuance of WAPDA’s debut US$500 million Eurobonds to arrange finances for Diamer Basha and Mohmand Dams.
The ECC approved the issuance of $500 million Eurobonds, in principle, and directed to work out modalities in consultation with the Finance Division and the State Bank of Pakistan.
https://newztodays.com/cabinet-approves-floating-panda-bonds-to-raise-rmb-from-chinese-market/
Ministry of Planning, Development, and Special Initiatives presented a detailed Karachi Transformation Plan (KTP) presentation before ECC. The forum discussed the plan thoroughly and endorsed, in principle, to secure approval from all relevant quarters before submission to Cabinet. The Chair directed to follow all codal formalities concerning various components of KTP.
Ministry of Maritime Affairs presented amendments in the Master Plan, originally formulated in 2001, regarding establishing 05 terminals on a BOT Basis. These terminals would fulfill increased demand for container handling capacity.
The ECC approved amendments in the Master Plan for establishing 05 terminals, including two LNG terminals, two multipurpose cargo terminals, and one integrated container terminal on a BOT basis.
A detailed summary was placed before ECC by the Ministry of Energy (Petroleum Division) regarding shelving the LNG Air Mix Projects by Sui companies. After deliberation, the ECC decided that SNGPL may abandon the three projects, namely Drosh, Ayun, and Chitral Town, and dispose of the land and equipment with minimal loss possible through an open, transparent process.
READ Wapda selects Global Banks’ consortium to float Eurobonds
Ministry of Energy also presented a summary regarding GHPL loan repayment and future funding requirements for expenditure about ISGSL gas import and infrastructure projects. GHPL had funded all the expenses of ISGSL through a medium-term loan as per ECC’s earlier decision dated 15 December 2016. Various proposals were presented before the forum. The ECC approved the proposals in principle subject to clearance by the High Power Board.
The ECC also approved the summary by the Ministry of Industries and Production regarding duty and tax-free import of cryogenic oxygen tanks for better handling of COVID-19 situation. The duty-free import of cryogenic tanks would ensure uninterrupted supply of oxygen gas at competitive rates.
The ECC also approved the change in the Pakistan Credit Guarantee Company (PCGC). According to the new structure, the Government of Pakistan’s shareholding in the Company has reduced to 49% from the earlier 70%.
Any dividends announced by PCGC against shares held by the State Bank of Pakistan or any proceeds from the sale of shares in PCGC held by the SBP shall be remitted in the Government treasury.
The Following Technical supplementary grants approved by the ECC:
- The amount to the tune of Rs 757.100 million approved for completing different projects under the Sustainable Goals Achievement Program (SAP).
- Rs.500 million were approved for the reimbursement of fees for less developed areas as requested by the Higher Education Commission.
- Rs.500 million for the Ministry of Housing and Works to provide interest-free loans to borrowers under Prime Minister’s Low-Cost Housing Scheme.
- Rs.4,189 million for executing development schemes for Sindh and Balochistan provinces under PSDP being executed by the Ministry of Housing and Works/Pak PWD.
- Rs. 327 million were approved for the Auditor General of Pakistan to sustain the World Bank’s public financial management and accountability service delivery project during FY 2020-21.
