ECC approves $ 25 mln for NDRMF

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ECC reviews economic indicators, approves Rs 380 mln salary for PSM employees

ISLAMABAD, Feb 22 (APP): The Economic Coordination Committee
(ECC) of the Cabinet Wednesday approved $ 25 million for National
Disaster Risk Management Fund (NDRMF).
The ECC which met with Minister for Finance Senator Mohammad
Ishaq Dar in the Chair, in consideration of a proposal by Economic
Affairs Division(EAD) approved the fund for NDRMF, according to the
press release issued here.
EAD, it may be mentioned has set up the fund which aims to
have a government-owned sustainable mechanism to support disaster
risk financing instruments that can enhance country’s resilience to
natural calamities.
The Asian Development Bank has shown an indicative assistance
of $ 1.2 billion as loan for this fund.
EAD and ADB, signed the loan agreement for $ 200 million on
December 2, 2016 as first tranche against the total amount.
The fund will enable the government to immediately and
effectively respond to natural calamities.
ECC also considered and approved NEPRA’s proposal to allow
exemption from withholding tax on Dividends to the Transmission Line
Projects under Transmission Policy 2015.
ECC also accorded approval for grant of Rs. 12.00 million as
equity share of GoP to clear liabilities and financial obligations
so as to facilitate process of winding up of Pakistan Textile City,
(PTCL) Ltd.
The chair also directed formation of a committee comprising
SAPM on Law, representatives from NBP, SECP and the CEO of PTCL to
oversee smooth finalization of the company’s winding up process.