ECC defers surge in gas prices.

ISLAMABAD -- The Economic Coordination Committee (ECC) on Wednesday has rejected the proposed increase in gas prices.

The decision was taken in The Economic Coordination Committee (ECC) meeting presided over by the finance advisor Abdul Hafeez Sheikh as other six points of the agenda were also discussed.

ECC also approved supplementary grand of 80 million rupees and Rs 350 million grant for Pakistan Steel Mills to pay off the gas bill.

ECC delayed the increasing gas prices for the next meeting while it has allowed SBP to sell its share to House Building Finance Company Limited (HBFC) on the recommendation of the finance ministry.

Economic Coordination Committee approved waiving off all port dues and charges amounting to 194.951 million rupees accruing against Turkish company, Karkey, on 31st of this month or till the vessels leave the port.

The waiver was required as a consequence of the settlement agreement reached between the Government of Pakistan and Karkey Company.

The ECC approved the release of 350 million rupees for the partial settlement of the SSGC liability.

Establishment of Trust Fund to implement risk sharing facility under 3rd Tranche of 10 million dollars of credit line of 140 million dollars obtained from World Bank for Pakistan...