The Economic Coordination Committee (ECC) Wednesday approved an increase of Rs1.09 per unit in tariff for Karachi Electric (K-Electric), reported 24NewsHD TV channel.

The meeting of the Economic Coordination Committee of the federal cabinet was chaired by Finance Advisor Abdul Hafeez Sheikh in Islamabad.

The new tariff will be effective from 1st September. The increase in electricity tariff was made as per the quarterly fuel adjustments from 2016 to 2019.

The Finance Ministry has said that the federal government will provide Rs4.7 billion in K-Electric subsidy.

The ECC has also approved $140.2 million for the Roosevelt Hotel (Manhattan) in New York in order to meet its financial needs.