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Pakistan has means to honour its commercial commitments: Shaikh

ISLAMABAD: Adviser to the Prime Minister on Finance and Revenue Dr. Abdul Hafeez Shaikh chaired the meeting of the Economic Coordination Committee (ECC) of the cabinet here, ARY News reported on Wednesday.

Chairman ECC informed the forum that Pakistan has no intention of seeking any kind of relief for repayment of its commercial loans. He said that Pakistan has the means and will honor its commercial commitments.

ECC in principal approved to allow Economic Affairs Division to sign a memorandum of understanding (MOU) for availing the G-20 relief initiative, which will be subject to the approval of the federal cabinet.

According to sources, Pakistan likely to receive around two billion dollars relief from the G-20 initiative.

Pakistan is required to enter into this MoU with all official bilateral creditors including Paris Club creditors to implement the debt relief initiative of G-20.

The ECC also approved the constitution of the Policy Committee to manage and operate the Prime Minister’s COVID-19 Pandemic Relief Fund 2020.

The body will be comprised of the Prime Minister as its chairman and Minister for Planning, Advisers to PM on Finance and Revenue, Commerce and Investment and poverty alleviation and social safety, etc as its members.

In order to devise a policy to incentivize smart phone manufacturing in Pakistan, ECC constituted a committee under the chairmanship of Federal Minister for Industries and Production with members from ministries of information technology and industries, Board of Investment and Engineering Development Board.

Moreover, the ECC approved a grant of Rs. 360.515 million for the repair and maintenance of Supreme Court of Pakistan buildings in Islamabad and other cities.

It also approved Rs. 3.836 billion for the Ministry of Housing and Works to execute development schemes in the Sindh province.

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