Islamabad November 29 2022: The Economic Coordination Committee of the cabinet (ECC) Tuesday approved base tariff for electric tube wells at Rs. 13/kWH from Rs. 16.60/kWH, providing relief to farmers of Rs. 3.60/kWH effective from 1st November, 2022 to compensate the damage caused by the floods and heavy rains.
This year’s heatwave and devastating floods are a reminder that climate change-induced disasters can significantly set back Pakistan’s development ambitions and its ability to reduce poverty. These disasters have caused more than 1,700 deaths and displaced more than 8 million people. The damage to infrastructure, assets, crops, and livestock has also been massive, with more than $30 billion in damages and economic losses. The World Bank Group’s Country Climate and Development Report (CCDR) for Pakistan concludes that the country needs fundamental shifts in its development path and policies, requiring substantial investments in people-centric climate adaptation and resilience, that will require international support.
The CCDR notes that the combined risks of extreme climate-related events, environmental degradation, and air pollution are projected to reduce Pakistan’s GDP by at least 18 to 20% by 2050. This will stall progress on economic development and poverty reduction.
Federal Minister for Finance and Revenue Senator Mohammad Ishaq Dar presided over the meeting of the Economic Coordination Committee (ECC).
Power Division submitted another summary on settlement of payables to Government Owned Power Plants at par with IPPS. The ECC approved Technical Supplementary Grant of Rs. 93.438 billion in three tranches of Rs. 31.146 billion each.
Federal Minister for National Food Security and Research Tariq Bashir Cheema, Federal Minister for Power Khurram Dastgir Khan, Federal Minister for Industries and Production Syed Murtaza Mahmud, Federal Minister for Information and Broadcasting Marriyum Aurangzeb, Federal Minister for Planning, Development & Special Initiatives Ahsan Iqbal, Shahid Khaqan Abbasi MNA/Ex-PM, SAPM on Finance Tariq Bajwa, SAPM on Revenue Tariq Mehmood Pasha, Coordinator to PM on Commerce & Industry Rana Ihsan Afzal, Federal Secretaries, Chairman FBR and other senior officers attended the meeting.
