The ECC meeting, after considering the summary, directed the secretary water and power to examine the issue holistically in consultation with secretary finance and chairman Federal Board of Revenue (FBR) and resubmit it to the ECC. On February 16, 2017, a meeting of stakeholders discussed the matter in Finance Division and endorsed that the ECC may consider the proposal of Nepra to allow exemption from WHT on dividends to the transmission line projects under the Transmission Line Policy 2015.
The ECC also considered a proposal of Economic Affairs Division (EAD) and approved allocation of funds (equivalent to US $25 million) for National Disaster Risk Management Fund (NDRMF). The meeting was informed that a fund was set up in EAD which aims to have a government-owned sustainable mechanism to support disaster risk financing instruments that can enhance country''s resilience to natural calamities.
The ECC was further stated that the Asian Development Bank has shown an indicative assistance of US $1.2 billion as loan for this fund. The EAD and Asian Development Bank (ADB) have signed the loan agreement for US $200 million on 2nd December 2016 as first tranche against the total amount. The fund will enable the government to immediately and effectively respond to natural calamities.
The meeting also accorded approval to the grant of Rs 12 million as equity share of the government to clear liabilities and financial obligations so as to facilitate process of winding up of Pakistan Textile City Ltd (PTCL). The chair also directed formation of a committee comprising SAPM on Law, representatives from NBP, SECP and the CEO of PTCL to oversee smooth finalisation of the company''s winding up process.
Copyright Business Recorder, 2017