ECC ap­proves pro­posal for trans­fer of HMC to Strate­gic Plans Di­vi­sion/PAEC

Pakistan Observer - - ECONOMY WATCH -

MIAN AR­SHAD IS­LAM­ABAD—The Eco­nomic Co­or­di­na­tion Com­mit­tee (ECC) of the Cabi­net here on Tues­day con­sid­ered and ap­proved the pro­posal for trans­fer of Heavy Me­chan­i­cal Com­plex (HMC) to Strate­gic Plans Di­vi­sion (SPD)/PAEC to re­vive it to its max­i­mum po­ten­tial. The de­ci­sion to this effect was taken at the ECC meet­ing held un­der the chair­man­ship of Finance Min­is­ter, Se­na­tor Muham­mad Ishaq Dar at the Prime Min­is­ter’s Of­fice.

While giv­ing ap­proval, the Com­mit­tee em­pha­sized that the said trans­fer would take place by en­sur­ing the due process and that the rights of HMC’s em­ploy­ees would be fully pro­tected, says a state­ment is­sued by the Min­istry of Finance here. An amount of Rs.500 mil­lion was also ap­proved to cover es­sen­tial ex­pen­di­ture of the com­pany /salaries till June 2016. Out of this amount, Rs. 253 mil­lion will be ad­justed on ac­count of salaries al­ready paid to the HMC em­ploy­ees as per ap­proval given by the ECC.

The SPD/PAEC of­fi­cials on the oc­ca­sion as­sured the Com­mit­tee that all ef­forts would be made to re­vive HMC to its max­i­mum po­ten­tial. On a pro­posal sub­mit­ted by the Min­istry of Ports and Ship­ping, ECC ac­corded ap­proval for the Gwadar Port Author­ity to pro­ceed with the pro­cure­ment of one of the three listed Chi­nese Com­pa­nies through bid­ding process as well as pref­er­ence for the use of the Chi­nese equip­ment, in ac­cor­dance with the Frame­work Agree­ment, un­der sec­tion 21 of PPRA Or­di­nance 2002 and Rule 5 of the PPRA Rules 2004.

The ECC had de­tailed de­lib­er­a­tions on the rec­om­men­da­tions/ re­port sub­mit­ted by the Com­mit­tee con­sti­tuted un­der its di­rec­tive last year to re­view the pric­ing mech­a­nism for RLNG. The Com­mit­tee com­prised Sec­re­tary Finance Di­vi­sion Con­vener, Sec­re­tary Min­istry of Petroleum and Natural Re­sources, Sec­re­tary Min­istry of Wa­ter and Power and Sec­re­tary Law. The ECC also ap­proved the rec­om­men­da­tions/ re­port of the Com­mit­tee and also gave con­sent for for­mally con­vey­ing them to OGRA as pol­icy guide­lines un­der sec­tion 21 of the OGRA Or­di­nance 2002.

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