Economic Coordination Committee (ECC) has approved a supplementary grant of Rs 2.268 billion to the Higher Education Commission (HEC) in order to avoid an expected cancellation of a credit facility under a World Bank (WB) project.
The grant was confirmed on Wednesday which primarily aims to benefit the education commission complete various disbursement-linked indicators (DLIs) under the International Development Association (IDA) credit facility.
Federal Minister for Finance and Revenue Dr. Abdul Hafeez Shaikh chaired a meeting during which the grant was approved and the summary of the Ministry of Federal Education and Professional Training (MoFEPT) concerning to a supplementary grant to the HEC under the World Bank was also presented.
The HEC had been unable to finish 9 DLIs of the mission due to insufficient funds which could have led to the cancellation of $218 million in monetary assistance that had been given by the IDA for Pakistan’s schooling sector. As a consequence, in order to finish DLIs, buying sufficient funds is vital.
ECC was insisted by the MoFEPT for a supplementary grant approval for HEC so as to satisfy the standards for the accomplishment of the DLIs, and also highlighted that it could “additionally guarantee additional disbursement of international trade to the federal government”.
The grant gained approval and can now assist the HEC in finishing the requisite DLIs easily.
The meeting was attended by the Federal Minister for Interior Sheikh Rasheed Ahmed, the Minister for Privatization Mohammad Mian Soomro, the Minister for Planning, Growth and Particular Initiatives Asad Umar, the Minister for Industries and Manufacturing Hammad Azhar, Minister for National Food Security Fakhar Imam, the Adviser to the Prime Minister on Commerce Abdul Razak Dawood and SAPM on Revenue Dr. Waqar Masood
Whereas, the Governor State Financial institution of Pakistan Reza Baqir additionally attended the assembly by way of video hyperlink.