ECC allows EAD for debt rescheduling of $26.150m with JBIC

Business Dec, 2 2022
ECC allows EAD for debt rescheduling of $26.150m with JBIC
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ISLAMABAD: Economic Coordination Committee (ECC) of Cabinet allowed Ministry of Economic Affairs for signing of debt rescheduling agreement with Japan Bank for International Cooperation (JBIC) for debt suspension of Covid-19 related amount $26.150 million. Ministry of Economic Affairs presented summary on G-20 Debt Service Suspension Initiative (DSSI). Dar presided over meeting of ECC of Cabinet.

Minister for Power Khurram Dastgir Khan, Minister for Industries and Production Syed Murtaza Mahmud, Shahid Khaqan Abbasi MNA/ex-PM, SAPM on Finance Tariq Bajwa, SAPM on Revenue Tariq Mehmood Pasha, secretaries, Chairman SECP and senior officers attended meeting in person while Minister for Commerce Syed Naveed Qamar, Coordinator to PM on Commerce and Industry Rana Ihsan Afzal and Governor SBP joined meeting through Zoom.

This debt relief was announced in April 2020 for IDA eligible countries to mitigate socio-economic impact of Covid-19. Under this initiative debt relief was through suspension of principal and interest payments. G 20 Finance Ministers extended debt relief for further period of six months (July-Dec, 2021). Ministry of Industries and Production submitted summary on Award of 3rd International Urea Tender opened on December 1, 2022. ECC after deliberation approved lowest bid from Swiss Singapore Overseas PTE Ltd at $ 551/MT for 33,000 MT of urea on CFR bulk basis.

ECC also approved technical supplementary Grants/ Supplementary Grants of Rs 349.383 million in favour of Ministry of Foreign affairs incurred on evacuation of Pakistanis from Ukraine due to war between Ukraine and Russia. ECC approved Rs 8109.772 million in favour of Ministry of Energy (Power Division) for execution of development schemes of Punjab, Sindh, Balochistan and Khyber Pakhtunkhwa under PSDP and Rs 8,000 million in favour of Ministry of Housing and Works.

Published in The Daily National Courier, December, 03 2022

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