ISLAMABAD: The Economic Coordination Committee (ECC) has approved Rs480.556 million to pay risk allowance to the health workers in federal capital equal to one pay with (financial impact from 1st April to 30th July 2020), and directed to remove restrictions on the movement of wheat/flour within the country, and banned exports till next recommendations. Adviser to the Prime Minister on Finance and Revenue Dr Abdul Hafeez Shaikh on Wednesday was told that the amount would be provided out of Rs50 billion of the Prime Minister's Fiscal Stimulus Package through a technical supplementary grant.
The amount would be paid to 3,432 employees of 10 health institutions of the federal government.
The situation will be reviewed after four months for the continuity of the allowance.
The ECC was also informed that the decision to pay the risk allowance, equal to one pay to all healthcare workers performing duties related to Covid-19 pandemic in the federal government, was taken by the prime minister as chairman National Coordination Committee on Covid-19 in the meeting held on 26th March 2020.
The meeting also approved supply of 10,000 metric tons of wheat to the World Food Programme for Emergency Relief Operations, and allowed import of wheat by the private sector for unlimited period after waiving different taxes and duties.
The ECC also directed to remove restrictions on the movement of wheat/flour within the country and banned exports till next recommendations.
The ECC, after reviewing the urea situation for the upcoming sowing season, formed a committee under the chairmanship of the Minister for Industries with representatives from National Food Security, Petroleum and Finance Division to review and recommend the appropriate Variable Contribution Margin.
The ECC was informed that so far PASSCO and Provincial Food Departments have procured a quantity of 6.5 million tons or 80 percent out of the assigned target of 8.25 million tons.
The PASSCO and the KP government will be required to continue procurement till end June 2020.
On the recommendation of the Ministry of National Food Security and Research, the ECC directed that Provincial Food Departments of the KP and Balochistan to achieve their procurement targets as early as possible, and law enforcement agencies of the provinces to be sensitive against hoarding, and keep a vigilant check on price hike of flour and wheat.
The ECC also approved the change in key terms of the Kamyab Jawan Programme.
Now instead of two tiers (100,000 to 0.5 mill and 0.5 million to 5 million) there will be three tiers of the loans; Rs100,000 to 1 million, Rs1 million to 10 million, and Rs10 million to 25 million.
Tier-I loans would be on the personal guarantee of the borrower, whereas tier 2 and tier 3 loans would be as per a bank's own credit policy.
The government shall bear credit losses for principal portion only on the disbursed portfolios of the banks for T1 up to 50 percent.
T2 up to 20 percent, T3 up to 10 percent, and the executing agencies shall be all commercial banks.
Loan pricing was also changed for all three tiers (3%, 4%, 5% respectively, bank pricing shall be Kibor+400 bps for all three tiers).
On a proposal of the Finance Division, the ECC approved US$ 10.9 million for capital increase in Bangladesh operations of the National Bank of Pakistan and for meeting the minimum capital requirements prescribed by the Central Bank of Bangladesh for the year 2019, and to create some cushion in equity for 2020.
The technical supplementary grants approved by the ECC included: (i) Rs3,485 million for Ministry of Foreign Affairs for meeting the costs of the running of the foreign missions; (ii) Rs54,71,707 for Ministry of Law and Justice to pay the annual membership fee of different organizations; (iii) Rs250 million to the NAB to meet its liabilities towards the Government of Punjab; (iv) Rs168,151,919 to the Ministry of Interior for smooth working of the peacekeeping missions; (v) Rs18.33 million for the Privatization Commission to meet its expenditure under various heads; (vi) Rs7,248.050 for the Ministry of National Health Services, Regulations and Coordination for Expanded Programme on Immunization; (vii) Rs79 million was given to Pakistan Institute of Medical Sciences (PIMS) to meets its various expenditures; (viii) Rs5 billion for the Pakistan Poverty Alleviation Fund; (ix) Rs8.4 billion to the BISP ( the amount was transferred by Government of Punjab for onward transfer to the BISP beneficiaries in Punjab through Ehsaas programme; (x) Rs500 million for the ICT Administration for completing two projects; (xi) Rs450 million to the ICT Administration for Sustainable Development Goals Achievement Programme; (xii) Rs3,369.62 million for the Establishment Division to pay arrears of group insurance of non-gazetted employees.
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