Economic Affairs Division Gets Approval to Request G-20 Debt Relief

The Federal Minister for Finance and Revenue, Shaukat Tarin, chaired a meeting of the Economic Coordination Committee (ECC) of the Cabinet at the Cabinet Division. ALSO READ Pakistan’s Inclusion in Amazon’s Sellers’ List Will Boost Exports: President Alvi The ECC approved the request of the Economic Affairs Division to proceed with the formal request to avail of the G-20 Debt Relief for the extended period of July-December 2021. It also permitted the signing of MoUs with bilateral creditors in terms of the prevailing rules and regulations. The ECC expressed the government’s commitment to providing $1.1 billion for the procurement of COVID-19 vaccines to achieve the vaccination target (minimum 45 million and maximum 65 million) until December 2021. In its meeting on 31 May 2021, the ECC had already approved $130 million (equivalent to Rs. 20 billion) for the procurement of the vaccine for the month of June 2021. However, due to the increased vaccination target by the NCOC, another $50 million was required in addition to the already approved amount for the month of June 2021. The ECC also approved additional funds of $70 million for the achieving of the vaccination target for the month of June. The procurement of the vaccine is currently the responsibility of the National Disaster Management Authority.   ALSO READ NCOC Announces Its New Vaccination Strategy The ECC allowed amendments to three SROs —SRO 235 (1) 2020, 236 (1)/2020, and 237(1) 2020 — dated 20 March 2020, issued by the Revenue Division to facilitate the Ministry of National Health Services, Regulation and Coordination for the import of COVID-19 medical and diagnostic equipment. Additionally, the ECC approved the following important technical supplementary grants: ALSO READ Govt is Finalizing Tax Incentives in the Coming Budget to Improve Economy The meeting was attended by the Federal Ministers for Economic Affairs Division, Maritime Affairs, Power and Privatization, along with the Adviser to Prime Minister on Austerity and Institutional Reforms, the Special Assistant to the Prime Minister on National Health Services, the Governor of the State Bank of Pakistan, and the Federal Secretaries of various ministries and divisions.