Caretaker finance minister holds ECC meeting, approves petrol margin increase

ISLAMABAD: Caretaker Finance Minister Dr Shamshad Akhtar chaired a session of the Economic Coordination Committee (ECC) during which approval has been granted to increase the dealer margin on petrol by PKR1.64 per liter, and an additional grant of PKR40 billion has been approved for various defence service projects.

Furthermore, during the meeting, the Secretary of Aviation also delivered a presentation on PIACL’s financial challenges, outstanding liabilities, and proposed restructuring plans. Key aspects of the discussion included the timeline and associated costs of the restructuring plan.

Read More: Bill Gates to visit Pakistan

Meanwhile, a proposal by Pakistan International Airlines (PIA) to provide a bailout package to the Federal Board of Revenue (FBR) for financial settlements was rejected during the ECC meeting.

Furthermore, it was decided to form a separate committee responsible for reviewing the comprehensive restructuring plan of PIA, signaling a concentrated effort to address the airline’s financial concerns.

Committee to accelerate auditing process in Cabinet meeting

During the meeting, the establishment of the inaugural Cabinet Committee on Auditing took center stage, focusing on critical financial concerns.

According to insider sources, the finance minister emphasised the need to expedite the auditing process for institutions grappling with financial losses. This directive followed a comprehensive briefing provided by the Secretary of the Privatization Commission on the privatisation program.

During the session, the interim minister received detailed briefings on several key initiatives, including the creation of a specialised technical committee. This committee is entrusted with the formidable task of addressing obstacles in the auditing and restructuring of Pakistan International Airlines (PIA).

Furthermore, the meeting saw discussions about a directive issued to the Ministry of Aviation, urging closer collaboration with the Accountability Commission, particularly in matters pertaining to PIA.

In parallel developments, plans for the formation of a committee under the leadership of the Energy Secretary, aimed at overseeing the operations of distribution companies, were also in focus.

Sources have indicated that this committee is poised to unveil a comprehensive project designed to integrate the private sector into the management of distribution companies. Its composition is expected to include representatives from various entities, such as the Secretary of the Privatization Commission, the Special Secretary of Finance, and officials from the National Electric Power Regulatory Authority (NEPRA).

As the meeting concluded, it underscored Pakistan’s proactive measures to address financial challenges and enhance transparency within its financial institutions.