ISLAMABAD – In a decisive meeting of the Economic Coordination Committee (ECC), the federal government approved a ₹47 billion recovery plan targeting overdue petroleum levy payments from Cynergico PK Limited, alongside an ₹11 billion bailout for state broadcaster PTV.
Under the levy recovery framework, Cynergico has been held liable for outstanding dues dating back to 2019, now totaling as much as ₹60 billion with penalties. The Special Investment Facilitation Council (SIFC) brokered a repayment agreement under which Cynergico will pay roughly ₹1 billion monthly toward clearing the debt. The Petroleum Division has been tasked with finalizing the settlement and ensuring timely compliance.
Simultaneously, the ECC sanctioned a significant financial rescue package for PTV after the government eliminated its fee on electricity consumers as of July 1. The resulting revenue shortfall endangered PTV’s ability to meet staff salaries, pensions, and operating costs. The approved bailout will distribute ₹3.8 billion in the first quarter, followed by ₹2.396 billion for each remaining quarter of the fiscal year, shifting the burden from consumers to the national treasury.
In related developments, the committee also endorsed the construction of a vital Multan–Rawalpindi oil pipeline in collaboration with Azerbaijan and approved a ₹3 billion relief package for communities affected by recent floods in Gilgit-Baltistan. Additionally, proceeds from a captive gas levy—part of Pakistan’s IMF-assisted structural reforms—will be used to reduce electricity tariffs for all consumers via a newly approved fuel cost-adjustment mechanism.
This story has been reported by PakTribune. All rights reserved.