ECC gives nod to $150m grant for procuring Covid-19 vaccine

Ag APP

ISLAMABAD: The Economic Coordination Committee (ECC) of the cabinet, chaired by Adviser to the Prime Minister on Finance Hafeez Sheikh on Friday approved in principle the provision of a $150 million technical supplementary grant to purchase a Covid-19 vaccine.

The Ministry of Health briefed the ECC that the first phase of vaccine procurement — for around 10 million people — would suffice for the most vulnerable 5 per cent of the population such as health workers and people above the age of 65.

The ECC further directed the Ministry of National Health Services to discuss the proposal with the World Bank and other donors in coordination with the Economic Affairs Division so they could assist in financing for the procurement of the vaccine during the first phase and for the procurement of additional quantities in the future as needed.

The forum also directed the ministry to draw a holistic proposal regarding the pricing and risk mitigation mechanism for the procurement of the vaccine for provision on a wider scale, in consultation with the relevant stakeholders.

Minister for Industries and Production Hammad Azhar, Minister for Economic Affairs Khusro Bakhtiar, Adviser to the PM on Institutional Reforms and Austerity Ishrat Hussain, SAPM on Petroleum Nadeem Babar and SAPM on Revenue Dr Waqar Masood, also participated in the meeting.

The ECC also approved the request of the Economic Affairs Division to proceed with the formal request for availing the G20 Debt Relief for the extended period i.e. January-June 2021. The federal cabinet’s approval would be required for the bilateral debt service suspension agreements.