ISLAMABAD - The Economic Coordination Committee (ECC) of the Cabinet on Tuesday decided to give power generation companies (GENCOs) on contract to private sector for a period of 10 years in order to increase their efficiency and generate 1,243 MW more electricity. The ECC has also approved to impose Gas Development Levy, ranging from $100 to $120 per ton on locally produced liquefied petroleum gas (LPG). The ECC met under the chair of Federal Minister for Finance and Economic Affairs Dr Abdul Hafeez Shaikh. Secretary Finance Dr Waqar Masud while giving briefing to the media said that imposition of levy on locally produced LPG would generate Rs 3 billion every year. He was of the view that this levy would not be passed to the consumers so there would be no additional burden on the masses. Dr Waqar further said that ECC had decided to give GENCOs on contract to the private sector for 10 years. He further said ECC approved Operation and Maintenance of GENCOs, wherein four power generating companies would be given to the private sector to enhance their capacity. He further informed that this move would generate 1,243 MW additional electricity and save Rs 82 billion. The secretary finance said that private boards would be constituted, which would have every right except hiring and firing of the staff of the power companies. The private sector would make investment in Operation and Maintenance of the GENCOs, as the government did not have enough funds for this purpose, he added. The ECC has also constituted a committee under the chairmanship of water and power minister, which would further determine its components. The officials of finance, planning commission and ministry of petroleum would be the part of the committee. The ECC also discussed the tariff rationalisation on exports and imports. The committee asked the already constituted committees of the commerce ministry, industries ministry, planning commission and federal board of revenue (FBR) to submit a final report within two months regarding tariff rationalisation. The ECC has also approved funds for textile city from earlier Rs 1.5 billion to Rs 2 billion. Another agenda of the ECCs meeting regarding Iran Pakistan Pipeline was deferred, said the secretary finance.