ECC revalidates Rs 352b to procure Covid-19 vaccines

The Economic Coordination Committee (ECC) has re-validated a sum of Rs. 352 billion for the fiscal year 2021-22 to cover associated costs such as the procurement of the COVID-19 vaccines.

The Finance Division tabled a summary to carry forward for FY 2021-22, the unutilized cash component amounting to Rs. 352 billion from the Economic Stimulus Package amounting to Rs. 1240 billion (given in March 2020) to mitigate the adverse socioeconomic impact of the coronavirus pandemic and to support marginalized sections of society.

The government had made funding available under the Economic Stimulus Package for the duration of the COVID-19 epidemic, regardless of the fiscal year. With the fourth wave, the government wants to procure covid-19 vaccines.

With the foregoing in mind, the ECC re-validated Rs. 352 billion for the fiscal year 2021-22 for meeting associated expenditures such as the acquisition of COVID-19 vaccine (during the present fourth wave) as the Federal Government expects to vaccinate at least 85 million people by December 2021.

On Wednesday, Mr. Shaukat Tarin, Federal Minister of Finance and Revenue, presided over a meeting of the Cabinet’s Economic Coordination Committee (ECC) via video link.

The ECC reviewed a summary submitted by the Ministry of Commerce on the Strategic Trade Policy Framework (STPF) for 2020-25, which aims to improve Pakistan’s export competitiveness through a policy intervention framework. The proposed STPF 2020-25 provides a system for monitoring and implementation.

The fundamental rationale is to increase exports as a national priority through cooperation and coordinated initiatives.

During his speech, the Finance Minister directed to include the factors associated with a market-based realistic exchange rate in the proposed STPF 2020-25.

The Finance Minister also emphasized the importance of including specific steps to encourage FDI and consolidate Pakistan’s fractured export industry.

Following due deliberation, the Committee resolved to revisit the draught STPF 2020-25 after another consultative meeting with all relevant stakeholders and to offer a revised policy framework for approval before the next ECC.

The Ministry of National Food Security and Research (NFS&R) presented a summary of the cotton crop intervention price for fiscal years 2021-22.

The ECC had previously formed a Committee, chaired by the Minister for NFS&R, to provide suggestions to enhance cotton output and bring price stability to the home market through the monitoring of local market pricing.

The ECC discussed the recommendations of the Cotton Price Review Committee (CPRC) at length, and it decided to hold another consultative session with all key stakeholders, including the M/O NFS&R, Finance Division, and Commerce, to finalize the recommendations and present the revised summary.