ECC approves $25 million for National Disaster Risk Management Fund

ECC approves $25 million for National Disaster Risk Management Fund

ISLAMABAD: 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.

Source: APP

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