ECC approves allocation of funds equivalent to $25m for NDRMF

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The Economic Coordination Committee (ECC) has approved an allocation of funds equivalent to 25 million dollars for National Disaster Risk Management Fund (NDRMF), Radio Pakistan has reported.

The ECC meeting was held in Islamabad on Wednesday with Finance Minister, Senator Mohammad Ishaq Dar in the chair.

Economic Affairs Division 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 dollars as a loan for this fund. Economic Affairs Division and ADB, signed the loan agreement for 200 million dollars in December last year as first tranche against the total amount. The fund will enable the government to immediately and effectively respond to natural calamities.

The meeting also approved NEPRA’s proposal to allow exemption from withholding tax on Dividends to the Transmission Line Projects under Transmission Policy 2015.

ECC accorded approval for grant of 12.00 million rupees as equity share of Government of Pakistan to clear liabilities and financial obligations so as to facilitate process of winding up of Pakistan Textile City.