Federal Minister for Finance and Revenue, Shaukat Tarin, presided over the meeting of the Executive Committee of the National Economic Council (ECNEC).
Ministry of Planning, Development and Special Initiatives presented a summary regarding Attabad Lake Hydropower Project to be executed by WAPDA at the cost of Rs. 25.4 billion.
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The project envisages the construction of a 54 MW hydropower project located on the bank of Hunza River, towards the downstream end of Attabad Lake. The energy generated from the above project will be transmitted to the load centers in Hunza Valley.
After due deliberations, the Committee directed the Government of Gilgit-Baltistan and WAPDA to work out an updated proposal ensuring the sustainability of the project and present it before the Committee for requisite approval.
The Finance Minister stated that the development of Gilgit-Baltistan is a top priority of the government.
Ministry of Planning and Development tabled another summary regarding Pakistan Optical Remote Sensing Satellite (PRSS-02) to be sponsored and executed by SUPARCO.
The satellite will generate high-resolution earth imagery and be designed for at least seven years of service life.
After a detailed discussion, the Committee directed the ministry to present a feasibility report of the entire project to gauge its viability in the long run. Also, the Committee directed to hire independent financial advisor(s) for exploring funding options and strengthening internal financial capabilities.
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The services of globally reputed technical advisors/consultants may be hired for support in design and procurement.
Federal Minister for Planning & Development, Asad Umar, Advisor to the PM on Commerce, Abdul Razak Dawood, Advisor to the PM on Institutional Reforms and Austerity, Dr. Ishrat Hussain, Federal Secretaries and other senior officers participated in the meeting.
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