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ECC approves funds to set up disaster management mechanism

ISLAMABAD: Economic Coordination Committee (ECC) of the federal cabinet on Wednesday approved the allocation of funds equivalent to 25 million dollars for the National Disaster Risk Management Fund (NDRMF).

The meeting chaired by Finance Minister Ishaq Dar considered the proposal by Economic Affairs Division (EAD) which has established the fund to set up a government-owned sustainable mechanism to support disaster risk financing instruments that can enhance resilience to natural calamities.

The Asian Development Bank has also shown willingness to provide assistance of $1.2 billion as loan for the fund. EAD and ADB signed the loan agreement for $200 million on December 2, 2016 as the first tranche of the total amount to enable the government to effectively respond to natural calamities.

ECC also considered and approved proposal by National Electric Power Regulatory Authority (NEPRA) to allow exemption from withholding tax on dividends to the transmission line projects under the Transmission Policy 2015.

The ECC also approved a grant of Rs.12 million as equity share of the government to clear liabilities and financial obligations to facilitate the winding up of Pakistan Textile City, the industrial zone in Karachi which has suffered from massive financial losses to the national exchequer.

The chair also directed formation of a committee comprising Special Assistant to Prime Minister on Law, representatives from NBP, SECP and the CEO of Pakistan Textile City to oversee smooth finalisation of the winding up process of the company.

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