Economic Coordination Committee (ECC) of the cabinet has given the green light to the Ministry of Economic Affairs (MEA) for rescheduling the debt of USD 26.150 million with Japan Bank for International Cooperation (JBIC). The debt accrued to Pakistan in the wake of the COVID-19 pandemic and its attendant expenses. The decision was taken in a meeting of the EEC presided over by the Federal Minister for Finance and Revenue Ishaq Dar, during which MEA also presented a summary on the G-20 Debt Service Suspension Initiative (DSSI).

The meeting was also attended by the Federal Minister for Power Khurram Dastgir Khan; Federal Minister for Industries and Production Syed Murtaza Mahmud; Shahid Khaqan Abbasi, MNA/Ex-PM; SAPM on Finance Tariq Bajwa; SAPM on Revenue Tariq Mehmood Pasha; Federal Secretaries, Chairman of SECP and other senior officials. The debt relief was announced in April, 2020 for IDA eligible countries to mitigate the socio-economic impact of COVID-19.

Under the initiative, debt relief was given through the suspension of principal and interest payments. Thereafter, the G-20 Finance Ministers extended the debt relief for a further period of six months (July – Dec, 2021). During the meeting, Ministry of Industries and Production also submitted a summary on Award of 3rd International Urea Tender which opened on 1^st December 2022. After due deliberation, ECC also approved the lowest bid from M/s Swiss Singapore Overseas PTE Ltd at USD 551/MT for 33,000 MT of Urea on CFR bulk basis.

The ECC also approved technical Supplementary Grants of PKR 349.383 million in favour of the Ministry of Foreign affairs for the expenses incurred on the evacuation of Pakistanis from Ukraine due to the crisis there. In the meeting, the EEC also approved PKR 8109.772 million in favour of the Ministry of Energy (Power Division) for the execution of development schemes in Punjab, Sindh, Baluchistan and Khyber Pakhtunkhwa provinces under PSDP and PKR 8,000 million in favour of the Ministry of Housing and Works.

Credit : Independent News Pakistan-WealthPk