ECC approves Rs8bn funds for MoFA to ‘meet shortfall’

ISLAMABAD: The Economic Coordination Committee (ECC) of the Cabinet approved Rs8.4 billion funds for Ministry of Foreign Affairs (MoFA) to meet its shortfall in annual budget for the current financial year 2022-2023, ARY News reported.

In a statement, the ministry stated that it was facing ‘severe shortage of funds’ as 91 percent of the budget was being utilised in foreign currencies to pay Pakistani missions abroad.

The foreign affairs ministry noted that it required over Rs10 billion for missions abroad, adding that Rs53.6 million is required for the Main Secretariat and other institutions.

In this regard, Rs8.4 billion in favor of Ministry of Foreign Affairs to meet its shortfall in annual budget for the current financial year 2022-2023 was also approved.

During the meeting, the ECC considered and approved a summary of the Ministry of National Health Services, Regulations and Coordination regarding fixation of Maximum Retail Prices of four (04) new Cardiac Stents recommended by National Price Fixation Committee for Life Saving medical devices.

The ECC further approved two summaries of Ministry of Energy (Petroleum Division including grant of additional (free) area of 15.88 Sq Kms in Soghri Exploration License on the basis that a geological structure which is extending into free area in the Northern part of Soghri E.L. Besides, grant of 6 months of Extended Well Testing over Qabul-2 St-1 discovery in Khipro Exploration License with effect from February 22, 2023.

The ECC also considered and approved technical supplementary grants of Rs13,200,000,000 in favor of Pakistan Mortgage Refinance Company Limited (PMRCL) equivalent to $50 million to be obtained from the World Bank as 1st Tranche of Credit Line of $85 million.

Of approved Rupee Cover of Rs7,840 million against an amount of $33.1 million for World Bank funded Financial Inclusion and Infrastructure Project (FIIP).

The ECC approved Rs5000 million in favor of Ministry of Housing and Works for the current financial year 2022-23 for execution of development schemes of Ex-FATA.

The ECC noted the presentation given by the Naya Pakistan Housing and Development Authority (NAPHDA) on its mandate and performance since its formation and directed to review its model and submit a summary on its future needs.