Senate panel seeks details of Covid-19 foreign funds

Committee told $3.7b received under grant, loan to fight pandemic

ISLAMABAD:

The Senate Standing Committee on Planning, Development and Special Initiatives on Monday sought details from the Economics Affairs Division regarding the funds received from foreign countries to fight the Covid-19 pandemic and equipment purchased from them for the containment of the deadly virus.

The Senate panel, which met under the chairmanship of Senator Agha Shahzaib Durrani in the Parliament House, deliberated on the implementation of recommendations given during the body’s August 20 session, funds received from foreign countries during the pandemic and its usage, RBOD-II project and progress made on issues related to water resources included in the PSDP of Balochistan.

The body was told that $3.7 billion had been received under the head of grant and loan from the foreign countries during the contagion and that $73.99 million of the total amount had been disbursed.

Out of the total sum, the European Union had given $57 million, United States $31 million, Japan $28 million, Asian Bank Development (ADB) $7 million, China $4 million and $3 million had been provided by the United Kingdom.

The panel was apprised that loans had also been provided for health projects out of which the World Bank had given $500 million, ADB $350 million, Islamic Development Bank $70 million, Opec fund $50 million and France’s AFD had given $51 million.

Out of the $1,021 million reserved for projects, $380 million were disbursed among provinces for the purpose.

Regarding the budgetary support loan, the committee was informed that the IMF had given $1,386 million, $ADB 500 million and Asian Infrastructure Development Bank had provided $750 million.

A loan of $2,636 million was received under the head of budgetary support loan, which was all disbursed.

Out of the total $3.7 billion, the authorities concerned had pledged more than 1$ billion under the head of project financing.

When informed that these funds were received in the accounts of State Bank of Pakistan from where they were forwarded to the agencies concerned, the committee chairman sought details about the monitoring support and equipment purchased to fight the pandemic.

He asked the agencies concerned to present details about the funds received and spent in the next meeting.