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 ECC reviews Sensitive Price Indicator (SPI)

Islamabad, November 6, 2001.
The Economic Coordination Committee of the Cabinet under the chairmanship of Finance Minister, Mr. Shaukat Aziz reviewed this morning sensitive price indicator (SPI). The meeting noted that by and large the prices of consumer items remained stable. However, as a precaution, the meeting decided to direct the Provincial Governments to ensure price stability during the month of Ramadan. It was also decided to ensure consumer quality items in the utility stores.
The ECC noted with satisfaction the increase in foreign exchange reserves,
balance of payment position and volume of the exports.
The oil, wheat, fertilizer and sugar stock positions were reviewed. The meeting expressed its satisfaction over their sufficient availability.
The ECC further decided to encourage the international donor agencies to
buy local goods, including edible oil, wheat, rice and sugar for
distribution among the Afghan refugees.
The ECC converted Chinese loan of Chinese Yen 114.942 million awarded to Heavy Mechanical Complex into Government's equity in Heavy Mechanical Complex Books.
The ECC also decided to reschedule outstanding amount of loan of the Askari Cement for three years from October 2007 to October 2010.
The ECC in principle agreed to the establishment of Dry Port in Mirpur,
Azad Kashmir. However, the modalities for revenue collection under Custom
Act 1969 will be thrashed out threadbare for smooth functioning of the Dry
To clear the backlog of auctionable cargo at the seaport, the ECC decided
to appoint a five-member committee comprising collector appraisement
nominees of Karachi Port Trust, Port Qasim, Intelligence Cell of Ministry of
Communications and Special Monitoring Team to conduct examination of auction able cargo to undertake assessment, fix reserve prices and accept or reject the bids. The Finance Minister urged the Committee to expedite clearance of auctionable cargoes at the Karachi Port.
The ECC decided that the Government of Pakistan will provide unconditional
and irrevocable financial guarantee for a loan of Rs.6 billion obtained by
KESC from the various commercial banks.
The ECC decided to approve Model Petroleum Concession Agreement to cut delays in seeking approval for each concession agreement from the concerned Ministries. The Model Petroleum Concession Agreement reflects a number of fiscal and operational incentives to the investors to attract investment in the petroleum exploration and production sector as enshrined in the new Onshore Petroleum exploration and Petroleum Policy 2001 approved by the Cabinet in May 2001.
On the energy sector intercorporate circular debt, the ECC approved several
measures to clear the backlog by netting out payments by various government entities. This will solve old issues and improve the balance sheet of state owned companies.
The meeting was attended among others by the Minister for Commerce,
Minister for Privatization, Minister for Communications, Minister for Water
and Power, Deputy Chairman of Planning Commission and Secretary General, Ministry of Finance.

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