ECC approves higher retail price for 49 new drugs

Canada Global (Web News) The maximum retail prices of 49 new pharmaceuticals were raised on Monday by the Economic Coordination Committee (ECC), as the nation struggles with the effects of the depreciation of the rupee.

The government stated the introduction of these pharmaceuticals in Pakistan for the first time at prices that are typically far cheaper than those of other nations in the area as the justification for the action.

The ECC also authorised a supplemental grant of Rs402.251 billion for debt servicing to repay the Chinese and Saudi loans as Finance Minister Ishaq Dar presided over the meeting.

The change is the result of fluctuations in the exchange rate, which was originally set at Rs. 186 in relation to the US dollar but had to be adjusted due to the depreciation of the rupee.

The cabinet committee also decided to issue a Rs. 9,500 million government guarantee for the Hyderabad-Sukkur Motorway’s build-operate-transfer basis and to allocate Rs. 12 billion to the National Disaster Management Authority for the purchase of relief supplies to restock/replenish its reserves.

To cover the shortfall for the current fiscal year, funds totaling Rs. 839.129 million and Rs. 700 million for the Ministry of Information and Broadcasting, respectively, were also granted.

For the Ministry of Interior, Rs48 million were approved for HQ Frontier Corps (North) KP to build the FATA Levies Centre, Rs470.827 for paying the troops’ cost and subsistence allowance to the members of the Civil Armed Forces serving in UN Peacekeeping Missions, and Rs66.336 million for building the Frontier Constabulary Training Centre. The money was given to Pakistan as aid from the US to help the civil armed forces become more capable.

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