The Economic Coordination Committee of the Cabinet on Tuesday approved the summary and directed BISP to disburse a total of Rs. 25,000/household in calamity-hit districts for poverty score up to 32.
The Ministry of Poverty Alleviation and Social Safety submitted a summary for emergency cash assistance to affectees of flash floods 2022, said a press release issued here.
Federal Minister for Finance and Revenue Miftah Ismail presided over the meeting of the Economic Coordination Committee (ECC) of the cabinet at the finance division, here at the capital.
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 Masood Malik, Coordinator to PM on Commerce and Industry Rana Ihsan Afzal, Coordinator to the PM on economy Bilal Azhar Kayani, federal secretaries and other senior officers attended the meeting.
Unprecedented rains and flash floods across the country have resulted in loss of lives and properties.
In view of above, the ECC approved the summary and directed BISP to disburse a total of Rs. 25,000/household in calamity affected districts for poverty score up to 32.
It was also added that the finance division would consult with BISP to discuss the financial implications and required modalities.
Furthermore, the federal government would ask the provinces to provide their share in the relief for flood affectees.
Meanwhile, the Ministry of Economic Affairs presented a summary on G-20 Debt Service Suspension Initiative (DSSI).
This debt relief, termed as 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.
Foregoing in view, for signing of 6 debt rescheduling agreements with the 03 creditor countries by secretary EAD on behalf of the Government of Pakistan, this summary was presented in ECC.
After discussion, the ECC agreed to rescheduling of the agreement proposed by EAD on account of deferred payments due to Covid-19.
The Ministry of National Food, Security and Research presented a summary on refixing of national wheat strategic reserves to the level of 2.00 MMT.
In the wake of recent rainfall and flood damages ensuing financial issues of farmers for the next wheat sowing season, rising local wheat prices and hoarding and smuggling issues, the aforementioned quantity is insufficient.
Therefore, in order to ensure wheat availability across the border and to stabilize local wheat prices, it was proposed that the quantum of wheat strategic reserves may be retained at the level of 2 MMT.
In view of above, the ECC approved the revision of ECC decision for import of 3 MMT of milling wheat and allowed for maintenance of strategic reserves of wheat at the level of 2.00 MMT, including a quantity of 0.080 MMT on account of SAARC food bank.—APP
