ECC allows import of upto 5: year old tractors.

ISLAMABAD -- The Economic Coordination Committee (ECC) of the Cabinet on Tuesday allowed the import of upto 5: year old tractors in the country.

Federal Minister for Finance and Revenue Senator Mohammad Ishaq Dar presided over the meeting of the Economic Coordination Committee (ECC) of the Cabinet. Ministry of Commerce tabled a summary on import of agricultural tractors under the Kissan package 2022 and proposed amendments in Import Policy Order 2022 to reduce cost of tractors. The ECC after deliberation approved the proposals of the Commerce Ministry and allowed amendment in the relevant clause of the IPO 2022 for import of upto 5 year old tractors. Regarding 'Duty Reduction' for import of secondhand tractors, the ECC allowed depreciation in value at 2% per month up to maximum of 60% as already provided under CGO no. 14 of 2005.

Finance Division presented a summary on proposals of State Bank of Pakistan (SBP) regarding equity investment of USD 4.9 million by Fauji Foundation for acquisition of shares of Daharki Power Holding Limited and submitted that the govt allowed Fauji Foundation to make equity investment abroad of US$ 12 million in 'Daharki Power Holdings Limited' in 2008. Fauji Foundation, Asian Development Bank and Daharki Power Holdings Limited, BVI entered into an agreement in 2008, which provided ADB the right to exercise put option in respect 2,750,000 shares subscribed by it. The ECC considered the proposals of SBP and allowed equity investment of $4.9 million by Fauji Foundation for acquisition of 2,750,000 shares (18.64% stake) of Daharki Power Holdings Limited and granted waiver/exemption to Fauji Foundation from the policy enumerated in Foreign Exchange Manual being incorporated as a trust under Charitable Endowment Act 1980.

Ministry of Energy (Petroleum Division) presented a summary for assignment of working interest in exploration licenses/blocks. The ECC after discussion approved assignment of 34% working interest of M/s Pakistan Oilfields Limited (POL) and 6% of M/s Attock Oil Company Limited (AOC) to M/s Polskie Gornictwo Naftowe I Gazowinictwo S.A (Polish Oil and Gas Company) (POGC) in Kirthar South Block (Sindh).

Ministry of Energy (Power Division) submitted a summary regarding amendments in the Standardized Security Package Documents (SPDs) for the large solar PV projects, based on the market response on the earlier modifications by the competent forum and in order to ensure the viability of the project. The ECC...