ECC gives go-ahead for signing $26.15m debt rescheduling agreement with JBIC

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ISLAMABAD-The Economic Coordination Committee (ECC) of the Cabinet on Friday allowed the Ministry of Economic Affairs for signing of debt rescheduling agreement with Japan Bank for International Cooperation (JBIC) for debt suspension of Covid related amount of $26.150 million.

Federal Minister for Finance and Revenue Senator Mohammad Ishaq Dar presided over the meeting of the Economic Coordination Committee (ECC) of the Cabinet. 

Ministry of Economic Affairs presented a summary on G-20 Debt Service Suspension Initiative (DSSI). This debt relief was announced in April 2020 for IDA eligible countries to mitigate the socio-economic impact of Covid-19. Under this initiative debt relief was through the suspension of principle and interest payments. The G 20 Finance Ministers extended debt relief for a further period of six months (July – Dec, 2021). Foregoing in view, the ECC allowed the Ministry of Economic Affairs for signing of debt rescheduling agreement with Japan Bank for International Cooperation (JBIC) for debt suspension of Covid related amount $26.150 million. 

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Ministry of Industries and Production submitted a summary on Award of 3rd International Urea Tender opened on 1st December, 2022. The ECC after deliberation approved the lowest bid from M/s Swiss Singapore Overseas PTE Ltd at US$ 551/MT for 33,000 MT of Urea on CFR bulk basis. 

The ECC also approved following technical supplementary grants/ supplementary grants: i. 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. ii. 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. iii. Rs. 8,000 million in favour of Ministry of Housing and Works.

Federal Minister for Power Khurram Dastgir Khan, Federal 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, federal secretaries, chairman SECP and other senior officers attended the meeting in person while Federal Minister for Commerce Syed Naveed Qamar, Coordinator to PM on Commerce & Industry Rana Ihsan Afzal and Governor SBP joined the meeting through Zoom.

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