Islamabad May 9 2023: The Economic Coordination Committee (ECC) of the Cabinet on Monday considered and approved technical supplementary grants of Rs. 13, 200, 000, 000 in favor of Pakistan Mortgage Refinance Company Limited (PMRCL) equivalent to US$ 50 million to be obtained from the World Bank as 1st Tranche of Credit Line of US$ 85 million.
Of approved Rupee Cover of Rs.7,840 million against an amount of US$ 33.1 million for World Bank funded Financial Inclusion and Infrastructure Project (FIIP).
Pakistan Mortgage Refinance Company (PMRC) was set up as a Mortgage Liquidity Facility by the State Bank of Pakistan to address the long-term funding constraint in the banking sector, which was hindering the growth of the primary mortgage market. PMRC is serving as a secure source of long-term funding at attractive rates and at the same time ensuring sound lending habits amongst the primary mortgage lenders (PMLs).
The ECC met with Minister for Finance and Revenue Senator Mohammad Ishaq Dar in chair. Minister for Power Khurram Dastgir Khan, Minister for Commerce Syed Naveed Qamar, Minister for Climate Change Senator Sherry Rehman and Shahid Khaqan Abbasi, Minister of State for Finance and Revenue Dr. Aisha Ghous Pasha, SAPM on Finance Tariq Bajwa, SAPM on Revenue Tariq Mehmood Pasha, Federal secretaries and other senior officers attended the meeting, said a press release.
The ECC further approved two summaries of Ministry of Energy (Petroleum Division included grant of additional (free) area of 15.88 Sq Kms in Soghri Exploration License on the basis that a geological structure which is extending into free area in the Northern part of Soghri E.L. Besides, grant of 6 months of Extended Well Testing over Qabul-2 St-1 discovery in Khipro Exploration License with effect from February 22, 2023.
The ECC also considered and approved a summary of the Ministry of National Health Services, Regulations and Coordination regarding fixation of Maximum Retail Prices of four (04) new Cardiac Stents recommended by National Price Fixation Committee for Life Saving medical devices.
Rs. 8.4 billion in favor of Ministry of Foreign Affairs to meet its shortfall in annual budget for the current financial year 2022-2023 was also approved.
The ECC approved Rs. 5000 million in favor of Ministry of Housing and Works for the current financial year 2022-23 for execution of development schemes of Ex-FATA.
The ECC noted the presentation given by the Naya Pakistan Housing and Development Authority (NAPHDA) on its mandate and performance since its formation and directed to review its model and submit a summary on its future need