Govt to utilise Rs 10b from PM’s Covid-19 fund for interest payment

ISLAMABAD: In a shocking move, Prime Minister Imran Khan-led Pakistan Tehreek-e-Insaf (PTI) government has allowed to divert Rs10 billion from the PM’s Covid-19 relief package to retire circular debt of power sector, a local newspaper reported.  

The funds would be utilised as a temporary arrangement for paying interest on the Pakistan Energy Sukuk II for a period of six months, the report claimed.  The decision to this effect was taken in a meeting of Economic Coordination Committee of the cabinet chaired by Adviser to Prime Minister on Finance Dr Abdul Hafeez Shaikh here the other day.

Further, in order to manage and operate the Prime Minister’s COVID-19 Pandemic Relief Fund 2020, the ECC approved the constitution of a Policy Committee under the chairmanship of the prime minister. The eight-member committee would comprise planning minister, PM’s finance adviser, commerce adviser, special assistant to PM on poverty alleviation and PM’s focal person on Corona Philanthropy Drive.

Terms of reference for the proposed committee would be i) to decide on the appropriate usage of the proceeds deposited in the fund including means of identification of the beneficiaries of the fund and the parameters of their selection; 2) to decide about the means of disbursement of assistance to the beneficiaries; and 3)  to take any appropriate decisions for collection of donations, maintenance and administration of the fund and related matters.

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