Federal Minister for Finance and Revenue Mr. Miftah Ismail presided over the meeting of the Economic Coordination Committee (ECC) of the Cabinet at Finance Division -30-08-2022.
The Economic Coordination Committee (ECC) of the Cabinet on Tuesday approved the emergency cash assistance of a total of Rs. 25,000 per household to flood affectees in calamity-stricken districts
The meeting, presided over by Finance Minister Miftah Ismail, approved the summary presented by the Ministry of Poverty Alleviation and Social Safety in this regard.
Given the unprecedented rains and floods across the country, the ECC approved the summary and directed Benazir Income Support Programme (BISP) to disburse a total of Rs. 25,000 per household in calamity-affected districts with poverty score up to 32.
It was also added that Finance Division will consult with BISP to discuss the financial implications and required modalities. Furthermore, the federal government will ask the provinces to provide their share in the relief for flood affectees.
Ministry of National Food, Security and Research presented a summary on refixing national wheat strategic reserves to the level of 2.00 MMT. The committee approved the revision of the ECC decision for the import of 3 MMT of milling wheat and allowed for the maintenance of strategic reserves of wheat at the level of 2.00 MMT, including a quantity of 0.080 MMT on account of the SAARC food bank.
Furthermore, Trading Corporation of Pakistan Limited (TCP) was directed to arrange a further quantity of 0.8 MMT through G2G or open tender. It was added that the import of 0.8 MMT wheat is allowed to the private sector with the proviso that subsidy shall not be provided for such imports of wheat.
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. After discussion, the committee agreed on rescheduling the agreement proposed by EAD on account of deferred payments due to Covid-19.
National FATF Coordination Committee on AML/CFT presented a summary for approval for arrangements/ expenditure related to the on-site visit of the FATF/APG assessors’ team. The ECC approved this summary for the allocation of a technical supplementary grant (TSG) of Rs. 7 million.
The summary presented by the Ministry of Communication for extension of time to complete the business plan of NHA from June 30, 2022, to September 30, 2022, was approved by ECC with the provision that no further extension would be given. In case, a further extension is sought, Finance Division will start deducting interest on Cash Development Loans (CDL).
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 Musadik Malik, Coordinator to PM on Commerce & Industry Rana Ihsan Afzal, Coordinator to the PM on Economy Bilal Azhar Kayani, federal secretaries and other senior officers attended the meeting.