ISLAMABAD: The Economic Coordination Committee (ECC) of the Cabinet here on Tuesday approved funds to meet emergent li
abilities of the Roosevelt Hotel Corporation (RHC) including payment of local taxes and utilities.
The summary for funds was presented by the Aviation Division before ECC, the meeting of which was presided over by the Fe
deral Mi
nister for Finance and Revenue, Shaukat Tarin, according to press statement issued by the Finance Ministry.
According to th
e statement, PIA-IL requested the ECC to utilize US$10 million available with the National Bank of Pakistan to clear the immediate financial li
abilities.
The ECC approved the summary with a direction to exercise due diligence in meeting emergent li
abilities and submit utilization report, before the forum, regarding funding support by the government duly verified by the external auditors of the entity.
The Committee also directed to engage a world class consultant to meet the financial and operational challenges faced by RHC.
The ECC approved a Technical Supplementary Grant (TSG) in favour of Election Commission of Pakistan, amounting to Rs 215 million, for holding local government elections in Cantonment Boards thereby, enabling the Election Commission of Pakistan to perform its constitutional obligations.
The ECC also accorded approval for a TSG amounting to Rs 50,100 million for extending rupee cover against financing by the Asian Development Bank (ADB) of US$300 million for procurement of COVID-19 vaccine and ancillary goods and services.
Among others, the meeting was attended by Fe
deral Mi
nister for Privatization, Muhammad Mian Soomro; Fe
deral Mi
nister for National Food Security &
Research, Syed Fakhar Imam; Fe
deral Mi
nister for Maritime Affairs, Syed Ali Zaidi; Adviser to the PM on Commerce, Abdul Razak Dawood; Fe
deral Secretaries, Chairman FBR, Chairman SECP and other senior officers participated in the meeting.
Governor State Bank of Pakistan Dr. Reza Baqir joined the meeting through a video link, th
e statement added.
