ISLAMABAD: A meeting of the Economic Coordination Committee (ECC) of the Cabinet has, in principle, approved $150 million technical supplementary grant for procurement of the Covid-19 vaccine, after detailed deliberations on a proposal moved by the Ministry of National Health Services (NHS) and briefing that amount of vaccine to be purchased in the first phase would cover only five percent of the most vulnerable population.

The ECC meeting presided over by Adviser to the Prime Minister on Finance and Revenue, Dr Abdul Hafeez Shaikh evaluated the proposal moved by the Ministry of National Health Services, Regulations and Coordination for procurement of Corona vaccine.

The meeting was informed that five percent population would include health workers and the population above the age of 65 years, and around 10 million people would be provided a vaccine cover under the arrangement.

The Ministry of National Health Services was directed to discuss the proposal with the World Bank and other donors in coordination with the Economic Affairs Division (EAD), so that they could assist in providing financial facility for the procurement of the vaccine during the first phase, and for the procurement of additional quantities in future as needed.

The ECC further directed the Health Ministry to draw a holistic proposal regarding the pricing and risk-mitigation mechanism for the procurement of the Covid-19 vaccine for provision on a wider scale, in consultation with the relevant stake holders.

The ECC also approved technical supplementary grants of Rs19.656 billion for initiating the process of retrenchment of Pakistan Steel Mills (PSM) employees, and allowed the EAD to proceed with the formal request for availing the G-20 Debt Relief for the extended period from January to June 2021.

The meeting also approved the Ministry of Energy/Petroleum Division proposal for allocation of 2.25 MMCFD gas from Umair-1 to M/s OGDCL for sale to M/s Engro at a mutually agreed and negotiated price, under a Gas Sale and Purchase Agreement (GSA) subject to initiation of field development plan and development and production lease. The Ministry of Food briefed the ECC on the status of wheat import through Trade Corporation of Pakistan (TCP), and told the meeting that regarding additional 340,000 metric tons of wheat, a tender was floated on 11-10-2020, and the bids were opened on 18-10-2020.

The meeting was further informed that the lowest bid was accepted and the total quantity that would be imported by the end of January 2021 would now be 2.248 million metric ton.

The ECC also approved technical grant for Prime Minister's Special Package to implement Skills for All Strategy as Catalyst for TVET Sector Development in Pakistan for Rs500 million.

Rs689.3 million were also approved as budget re-appropriation for the National Information Technology Board (NITB) for fulfilling its various requirements during the meeting, the ECC was informed.

The ECC approved the request of the EAD to proceed with the formal request for availing the G-20 Debt Relief for the extended period, ie, January-June 2021 and approval of the Federal Cabinet would be required for signing of the bilateral debt service suspension agreements.

Minister for Industries and Production Hammad Azhar, Minister for Economic Affairs Khusro Bakhtyar, Adviser to the PM on Institutional Reforms and Austerity Ishrat Hussain, SAPM on Petroleum Nadeem Babar, and SAPM on Revenue Dr Waqar Masood, also participated in the meeting.

Copyright Business Recorder, 2020