The government will use Rs 10b from Covid-19 PM funds for interest payments | Instant News

ISLAMABAD: In a surprise move, the government of Prime Minister Imran Khan led by Pakistan Tehreek-e-Insaf (PTI) has permitted to divert Rs10 billion from the PM’s Covid-19 aid package to retire from the circular debt of the electricity sector, a Local newspaper reported.

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

Furthermore, to manage and operate the COVID Prime 19 Pandemic Relief Fund 2020, the ECC approved the constitution of the Policy Committee under the leadership of the prime minister. The eight committee members will consist of planning ministers, PM financial advisers, trade advisers, special assistants to PM on poverty alleviation and key PM people on Corona Philanthropy Drive.

The terms of reference for the proposed committee are i) to decide on the proper use of the results stored in the funds including the identification of the recipients of the funds and their selection parameters; 2) to decide on how to disburse assistance to beneficiaries; and 3) to make appropriate decisions for the collection of donations, maintenance and administration of funds and related matters.

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