Approval to increase gas and electricity prices
The Economic Co-ordination Committee (ECC) approved the Golden Handshake Plan for Pakistan Steel Mills employees while also Approval to increase gas and electricity prices. In a meeting chaired by Finance Advisor Abdul Hafeet Sheikh, the ECC approved Rs 19.65 billion for the Golden Handshake of Steel Accused Employees.
The meeting also approved Rs 11.6 billion for payment of dues to non-petitioners employees and it was informed that 3978 retired employees of Steel Mills are non-petitioners. The ECC reduced the commission margin on sugar wheat imports from 2% to 0.75% while 126 posts were approved for the management of Gurdwara Darbar Sahib Kartarpur. Approving the supply of gas for 5 export sectors, the ECC said that from Saturday, October 20, on Saturday and Sunday, gas for the export sector will be reduced by 50 per cent and Rs 930 per MMBT for the export sector till February.
Apart from local and tandoor, approval was also given to increase the price of gas for commercial consumers. According to the statement, it has been decided to collect the old dues of Gas Infrastructure Development Cess, one third of the dues of GIDC will be collected while approval has been given to increase the power in fuel adjustment plant by 0.32 paisa per unit. Another official said the FBR authorities briefed
the IMF delegation in detail about Rs2.410 trillion tax collections in first seven months of the fiscal year and the reasons behind the Rs385bn shortfall. It was reported that the FBR would now have to reach a collection target of Rs3.520 trillion by end-March. It was argued that economic conditions were not conducive to collect more than Rs5 trillion revenues by end of the year and hence the target should be revised downward. The official said the authorities were yet to start policy level discussions with the IMF but they would have to ensure some deliverables to ensure smooth progress on remaining targets. The government had given an undertaking to the IMF to make adjustments to gas tariff by end-