ECC gives nod to grant of over Rs103b for flood-affected families

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FEDERAL MINISTER FOR FINANCE AND REVENUE, MIFTAH ISMAIL ADDRESSING A PRESS CONFERENCE IN ISLAMABAD ON MAY 15, 2022.

ISLAMABAD: The Economic Coordination Committee of the Cabinet Tuesday approved Rs103.125 billion as a technical supplementary grant (TSG) under the Benazir Income Support Program for flood-affected families. Under the programme, financial assistance of Rs25,000 will be disbursed among households in the flood-affected areas. Keeping in view that the BISP has to release its regular quarter tranche in the first week of September 2022 to meet the IMF deadline and considering the budgetary requirements of the cash grant of flood-affected areas, it was proposed that Rs103.125 billion may be released as TSG enabling the BISP to carry out its disbursement operation. The modalities will be worked out by the BISP Board. The ECC directed the Finance Division to transfer the TSG amount of Rs103.125 billion to BISP as per requirement. The ECC also revised downward import of wheat requirement from 3 million tons to 2.6 million tons as strategic reserves will be maintained at 2 million tons including a quantity of 0.080 million metric tons on account of the SAARC Food Bank, The News reported. The TCP may be directed to arrange a further quantity of 1 million tons of imported wheat in addition to the remaining 0.6 million metric tons. The import of specified wheat (Russian wheat) may be allowed through G2G as well as open tendering for approval at the lowest price. According to an official, Federal Minister for Finance and Revenue Miftah Ismail presided over the meeting of the Economic Coordination Committee (ECC) of the Cabinet at the Finance Division on Tuesday.Federal Minister for Industries and Production Syed Murtaza Mahmud, Minister of State for Finance and Revenue Dr. Aisha Ghous Pasha, Minister of State for Petroleum Mr. Musadik Masood Malik, Coordinator to PM on Commerce & Industry Rana Ihsan Afzal, Coordinator to the PM on economy Mr. Bilal Azhar Kayani, federal secretaries and other senior officers attended the meeting. The Ministry of Economic Affairs presented a summary on G-20 Debt Service Suspension Initiative (DSSI). This debt relief, termed DSSI-I, for IDA eligible countries to mitigate the socio-economic impact of Covid-19 was announced in April 2020. Currently, further six agreements for DSSI-III with Italy, Japan and Spain have been negotiated and finalized. Foregoing in view, for signing of six debt rescheduling agreements with three creditor countries by secretary EAD on behalf of government of Pakistan, this summary was presented in the ECC. After discussion, the ECC agreed to reschedule the agreement proposed by EAD on account of deferred payments due to Covid-19.

 

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