Adviser to the Prime Minister on Finance and Revenue, Dr. Abdul Hafeez Shaikh chaired the meeting of the Economic Coordination Committee (ECC) of the Cabinet in Islamabad today. Minister for Privatization Muhammad Mian Soomro, Minister for Economic Affairs Makhdoom Khusro Bakhtiar, Minister for Railways Sheikh Rashid Ahmed, Adviser to the PM on Commerce Abdul Razak Dawood, SAPM on Revenue Dr. Waqar Masood, SAPM on Power Tabish Gauhar and Adviser to the PM on Institutional Reforms and Austerity Ishrat Hussain participated in the meeting. Governor State Bank of Pakistan Dr. Reza Baqir joined the meeting through video link.
The Power Division presented the case for abolishment of Time-of-Use tariff scheme for Industrial consumers to spur industrial activity amid COVID-19 pandemic by removing the distinction between the current system of peak and off-peak hours as a part of Industrial support package.
The underlying rationale is to incentivize industrial units to operate round the clock and produce greater output during testing times. Consequently, ECC accorded approval, in principle, to the proposal regarding amendment in the respective SROs both for the XWDISCOS and K-Electric to charge the off-peak rates against the peak hours. The abolishment of peak and off-peak tariff structure would be implemented w.e.f. 01 November 2020 till 30 April 2021.