ECC OKs $150m for purchase of COVID vaccine

ISLAMABAD: The Economic Coordination Committee of the Cabinet (ECC) Friday approved in principle, the provision of technical supplementary grant of US $150 million for the purchase of the COVID-19 vaccine.

The Ministry of Health briefed the ECC that this would be the first phase of procurement and the amount of vaccine would suffice for the most vulnerable 5% of the population such as health workers and the population above the age of 65 years and around 10 million people would be provided a vaccine cover under the above arrangement.

Adviser to the Prime Minister on Finance and Revenue Dr. Abdul Hafeez Shaikh chaired the meeting of the ECC here.

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

The forum also directed the Ministry of NHS to draw a holistic proposal regarding the pricing and risk mitigation mechanism for the procurement of the COVID-19 vaccine for provision on a wider scale, in consultation with the relevant stake-holders.

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. - APP