The Economic Coordination Committee (ECC) of the Cabinet has approved a Rs. 100 million grant for the locust control in Punjab.
Adviser to the Prime Minister on Finance and Revenue Dr. Abdul Hafeez Shaikh chaired the meeting of the Economic Coordination Committee of the Cabinet today at the Cabinet Division.
ECC approved the following technical supplementary grants:
The committee also granted approval for book value adjustment of the overdue amount of loans amounting to Rs 30.807 billion to Earth Quake Reconstruction and Rehabilitation Authority over and above its allocated development and non-development budget.
It also allowed, on the recommendation of the committee constituted earlier, to convert two relent Chinese loans into government loans keeping in view of the subsuming of ERRA into NDMA and ERRA being non-profit/non-revenue-generating entity.
ECC also approved the “handing over of Pakistan Machine Tool Factory to Strategic Plans Division. For the purpose of the operationalization of PMTF, Rs 500 million shall be provided to SPD as a loan. The Federal Government shall pay all the liabilities accrued till the transfer of management control of PMTF to SPD, after partial settlement of liabilities of Rs 1.78 billion.
ECC also approved the “Risk Sharing Facility for SBP Refinance Scheme to support employment and prevent the layoff of workers. The scheme supports the provision of credit at concessional rate to businesses that commit not to lay off workers till September 2020 ( earlier the cutoff date was 30th June 2020), the loss coverage for SME sector has been increased to 60% from the existing 40% to promote greater take-up at the smaller level of business.
Under the new changes, the borrowers having turnover up to Rs. 800 million can avail the benefit of the scheme; earlier, for the eligibility of the scheme, the turnover limit was up to Rs. 2 billion)