ECC re-validates Rs 352bn for procurement of Covid-19 vaccines

ISLAMABAD: The Economic Coordination Committee (ECC) on Wednesday re-validated Rs 352 billion in the current fiscal year for procurement of Covid-19 vaccines as the government aimed to vaccinate at least 85 million by December this year.

Federal Minister for Finance and Revenue, Shaukat Tarin, chaired the ECC meeting (through a video link), while Minister for National Food Security and Research Syed Fakhar Imam, Minister for Privatization Muhammad Mian Soomro, Advisor to the PM on Institutional Reforms and Austerity Dr. Ishrat Hussain, Advisor to the PM on Commerce Abdul Razak Dawood, SAPM on Finance and Revenue Dr. Waqar Masood, federal secretaries, chairman FBR and other senior officers attended the meeting.

Governor State Bank of Pakistan (SBP) Dr. Reza Baqir also joined the meeting through a video link, a press release said issued here.

The finance division tabled a summary to carry forward for FY 2021-22, the un-utilized cash component equal to Rs 352 billion out of the Economic Stimulus Package amounting to Rs 1240 billion (given in March 2020) to mitigate the adverse socio-economic impact of the coronavirus pandemic and to support the marginalized sections of the society.

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The funds were allocated under the economic stimulus package for the entire duration of the COVID-19 pandemic irrespective of the financial year.

The ECC also considered a summary presented by the ministry of commerce regarding the Strategic Trade Policy Framework (STPF) for 2020-25 to enhance export competitiveness of Pakistan through a framework of policy interventions.

While speaking on the occasion, the finance minister directed that the factors related to a market-based realistic exchange rate must be incorporated under the proposed STPF 2020-25.