ECC approves Rs103b for immediate relief
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The government would individually pay the individuals for the building of their homes in addition to providing initial aid.

ISLAMABAD:
On Tuesday, the government agreed a grant to grant a delegation from the Financial Task Force (FATF) that would be presently touring the nation the status of a State’s Guest in addition to allocating more than Rs103 billion should provide immediate aid to 5 million flood-affected individuals.

The cabinet’s Economic Coordination Committee (ECC), which made the choices, also quadrupled the nation’s strategic wheat reserve quota and overturned a one-month-old decision to permit an extra entry of 800,000 metric tones of wheat.

According to the Ministry of Finance, the ECC approved a summary and instructed the BISP to distribute a total of Rs25,000 per home in the disaster-affected districts for poverty scores up to 32.

To talk about the financial ramifications and necessary mechanisms, the Finance Division will engage with the BISP. The federal government also stated that it would ask the provinces to contribute to flood victims’ assistance efforts.

For emergency cash support to victims of the severe flooding in 2022, the Department of Reducing Poverty and Public Safety provided a report.

For a total of 4.12 million beneficiaries, the government has estimated the expense of Rs25,000 per home relief at Rs103.2 billion.

With the aid of National Cultural Registry Data, Prime Minister Shahbaz Sharif has instructed the BISP to determine the bottom 60% of the population in the afflicted and designated areas of the nation.

The government would individually pay the individuals for the building of their homes in addition to providing initial aid.

Extraordinary rainfall and flash floods have caused loss of life and property across the nation. Initial estimates place the number of individuals impacted by the floods at 33 million. The UN issued a wide appeal for $160 million in aid for Pakistan to aid around 5.2 million people, and the relief funds were granted on the same day.

The ECC also authorized a budget of Rs 7 million for the Global FATF Secretariat to cover costs related to granting the FATF delegation State of Pakistan’s Guest status.

This same FATF group of 15 members visited Pakistan from August 29 to September 2 in order to confirm the position of Pakistan as indicated in regular reports, the ECC was told.

The delegation is there to confirm Pakistan’s assertion that it has completely complied with all 34 requirements imposed by the international organization against money laundering and financing of terrorism under two distinct action plans for Pakistan’s removal from the grey list.

Pakistan has referred to the visit as “critical” to getting off the “grey list.” Since being added to the list early February 2018 with impact from June of same year, Pakistan has come under intense international scrutiny.

India took advantage of the fact that Pakistan’s options were limited and its economy was fragile at this time to shift the demographic makeup of Jammu and Kashmir.

floods victims in Pakistan

The FATF delegation’s five-day tour, which ends on Friday, would cost Rs 7 million in travel, lodging, and food expenditures.

The ECC changed its mind on reducing the nation’s strategic wheat supplies and import needs one month ago. Re-fixing national grain strategic stocks to the level of 2 million metric tones was the subject of a summary from the Minister of National Nutrition, Security, and Research.

Based on the food ministry, the 1 million metric tones of wheat that is now available is not enough because of recent flooding and rain damage, rising local wheat prices, and problems with stockpiling and smuggling.

It was suggested that the quantity of wheat foreign currency reserves may be maintained at the amount of 2 million tones ( mt in order to guarantee wheat supply across the frontier and to stabilize local wheat prices.

The ECC agreed to reconsider its choice and permitted the maintenance of strategic wheat stocks at a level of 2 million metric tones, including 80,000 tones for the SAARC food bank.

For the government-run utility shops organization to be able to sell wheat flour at comparatively cheaper prices, Pakistan pays a subsidy of Rs35 per kg for local wheat and Rs59 for imported wheat.

ECC instruction To Trading Corporation of Pakistan

The ECC instructed Trading Corporation of Pakistan to get an additional 800,000 metric tones via open bidding or a government-to-government agreement.

The decision was amended to enable the private sector to import 800,000 metric tones of wheat with the restriction that no subsidies be given for such importation of wheat.

The National Road Authority requested an extension of time from June 30, 2022, to September 30, 2022, in a summary given by the Ministry of Communication. It was disclosed that NHA had previously given ADB consultants information necessary for the creation of NHA’s business strategy.

But it takes more time to finish the same thing.

ECC gave its approval to this summary with the condition that no further extensions would be granted. The Finance Division will begin deducting charge on Cash Expansion Loans if a further extension is requested (CDL).

This same G-20 debt restructuring initiative’s final six loan repayment deferral agreements, with Italy, Japan, and Spain, were approved by the ECC for signature. Since the big 20 countries of the globe offered the window, the total benefit that Pakistan received with the new signing was $3.7 billion.

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