Coronavirus

ECC approves Rs 50 billion cover for $300 million financing from ADB for vaccine purchase

ECC vaccine

The Economic Coordination Committee (ECC) of the Cabinet has approved Rs 50.1 billion local currency cover for $300 million sponsoring from the Asian Development Bank (ADB) for the procurement of Covid-19 vaccine, a grant of Rs 215 million for local government elections of cantonment boards and $10 million temporary funds for Roosevelt Hotel to meet emergency expenses. 

The Finance Minister Shaukat Tarin directed the ECC meeting that was joined by three other members of the 14-member body of the federal cabinet. 

Read more: ECC approves Rs 20 billion to purchase 10 million vaccine doses

According to the sources, a summary was presented by Aviation Division requesting for the delivery of funds to make emergency liabilities of the Roosevelt Hotel Corporation clear, including payment of local taxes and utilities.

The PIA-IL has requested the ECC to allow it to consume $10 million available with the National Bank of Pakistan (NBP) to pay off the immediate financial liabilities. 

Furthermore, the committee has also decided to appoint the best specialist to overcome the financial and operational challenges faced by Roosevelt Hotel.

Roosevelt Hotel, at upscale Manhattan in New York had come to a standstill last year, although the government had approved $142 million through a loan to be arranged by the NBP, discounting annual booming costs and mark-up, etc. 

The ECC, in June this year, had  discussed the issue of Roosevelt Hotel  and directed the Aviation and Finance Divisions to work out the mode of financing for consumption of $142 million for the hotel and come back with endorsements to it. The matter has not unsettled so far. 

Moreover, the ADB, this August, had also approved and instantly retained a $500 million loan aiming to aid Pakistan acquire and deploy safe and effective vaccines for the coronavirus disease and reinforce the country’s capacity to execute its vaccination programme. 

Consequently, Pakistan’s National Deployment and Vaccination Plan will be supported by this loan through purchase and delivery of estimated 39.8 million doses of Covid-19 vaccine, safety boxes, and syringes, which are enough to vaccinate at least 18.1 million people from priority groups. 

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