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ECC seeks recommendations on Pakistan Steel Mills from Privatization Commission

ECC seeks recommendations on Pakistan Steel Mills from Privatization Commission

ISLAMABAD: A meeting of the Economic Coordination Committee of the Cabinet (ECC) was held today under Finance Minister, Asad Umar, in the chair. The ECC approved the proposal of communication Division to provide Technical Supplementary Grant amounting to Rs.500 million for the construction of Additional Carriageway on Torkham-Jalalabad Road under Prime Minister’s Program for Reconstruction of Afghanistan. The decision of ECC would not only benefit the people and business community of the two neighbouring countries but would also help promoting trade between Pakistan and Afghanistan as well as Central Asian States.

The revival committee on Pakistan Steel Mills Corporation gave a comprehensive presentation to the Committee proposing various recommendations to make Pakistan Steel Mills a profitable and competitive organization. The committee directed that Industries and Production Division and Privatization Commission to submit formal recommendations, in the form of summary, to ECC for a final decision.

The ECC expressed its deep concern over the increase in prices of medicines and food items, and directed Ministries of National Food Security & Research and National Health Services, Regulations and Coordination to take practical measures to arrest the current trend of rise in prices. Petroleum Division briefed the Committee on the status of recoveries of Gas Infrastructure Development Cess (GIDC) for different industrial sections. The Committee was informed about the litigation in different courts of Law, which had inhibited the collection of revenue during the recent years.