PR No. 234 ECC MEETING Islamabad
Finance Minister, Senator Mohammad Ishaq Dar chaired a meeting of the Economic Coordination Committee (ECC) of the Cabinet here Wednesday.
In consideration of a proposal by Economic Affairs Division(EAD), the ECC approved allocation of funds (equivalent to USD 25 million) for National Disaster Risk Management Fund (NDRMF). EAD, it may be mentioned has set up the fund which aims to have a government-owned sustainable mechanism to support disaster risk financing instruments that can enhance country’s resilience to natural calamities. The Asian Development Bank has shown an indicative assistance of USD 1.2 billion as loan for this fund. EAD and ADB, signed the loan agreement for USD 200 million on 2nd December 2016 as first tranche against the total amount. The fund will enable the government to immediately and effectively respond to natural calamities.
ECC also considered and approved NEPRA’s proposal to allow exemption from withholding tax on Dividends to the Transmission Line Projects under Transmission Policy 2015.
ECC also accorded approval for grant of Rs. 12.00 million as equity share of GoP to clear liabilities and financial obligations so as to facilitate process of winding up of Pakistan Textile City, (PTCL) Ltd. The chair also directed formation of a committee comprising SAPM on Law, representatives from NBP, SECP and the CEO of PTCL to oversee smooth finalization of the company’s winding up process.