November 27, 2001	Tuesday	Ramazan 11, 1422

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ISLAMABAD, Nov 26: The Economic Coordination Committee of the Cabinet (ECC) here on Monday fixed Rs3.15 per Kwh tariff effective from Jan 1, 2001, for the purchase of Chasma Nuclear Power electricity by Wapda.

Official sources said after the meeting that there existed sharp differences between Wapda and the Pakistan Atomic Energy Commission over the fixation of tariff for CHASHNUPP electricity.

President Gen Pervez Musharraf had directed Finance Minister Shaukat Aziz to resolve the issue in a ECC meeting. Accordingly, the meeting was convened and the matter resolved amicably, the sources said.

The finance minister, who presided over the meeting, told the participants that tariff issue had to be resolved keeping in view the respective positions of both Wapda and PAEC, the sources said.

Also, the consumers’ interest had to be kept in mind, he said, and expressed the hope that the recommendation to fix the new tariff will go well with the organisations concerned and the consumers.

In order to bring about consistency between the life and general insurance business and also attract foreign investment in the insurance sector, the ECC decided that the conditions earlier approved by the ECC for life insurance would equally apply to non-Life/General insurance business.

According to a handout, the meeting further approved Gas Supply and Demand Management Programme for the current financial year. The programme outlines uninterrupted gas supply to the domestic consumers.

The ECC reviewed the prices of the essential items and found them stable. It noted that sufficient stocks of the consumer goods, stable exchange rate and strict vigilance by the federal, provincial and district governments had assured price stability during the month of Ramazan. However, the meeting decided that strict vigilance over the rates of essential items would continue to ensure price stability during the holy month.