ECC allows utilisation of $8m to pay severance, other operational expenses of Roosevelt Hotel

ISLAMABAD   -  The Economic Coordination Committee (ECC) of the Cabinet on Thursday allowed the utilisation of $8 million available with National Bank of Pakistan to pay severance and other operational expenses of Roosevelt Hotel.

Federal Minister for Finance & Revenue Senator Muhammad Aurangzeb presided over a meeting of the Economic Coordination Committee (ECC) of the Cabinet at Finance Division. The Cabinet Committee approved the summary presented by Ministry of Aviation to allow the utilization of $8 million available with National Bank of Pakistan to pay severance and other operational expenses of Roosevelt Hotel. The ECC allowed the request of Industries and Production Division for the release of Rs. 2,159.53 million from already approved budgeted allocation, to pay gas bills of Pakistan Steel Mill (PSM). The Committee also considered the summary of Finance Division to make amendments in policy for equity investment abroad to facilitate IT exports. The ECC considered and approved proposals for technical supplementary grant of Rs 1,027.378 million to the Earthquake Reconstruction and Rehabilitation Authority for clearing matured liabilities of the contractors. The ECC approved Rs. 6.2 million to the Ministry of Interior, to be paid to the family of deceased.

It had approved Rs. 54.490 million to the Ministry of Interior as surrendered by Ministry of National Food Security and Research for the project of ICT Administration, Islamabad and Rs. 12,036.103 million to the Ministry of National Health Services, Regulations & Coordination, in favour of Federal Directorate of Immunization (FDI). The ECC has approved Rs 2,217 million to the Power Division for development expenditures during current fiscal year. It has approved Rs. 184.509 million to the Pakistan Nuclear Regulatory Authority and $2.58 million and Rs. 2.5 million to the Ministry of Water Resources as the compensation packages for Chinese and local casualities at DASU Hydropower Project.

The ECC has approved Rs. 70,484 million to the Ministry of Water Resources as rupee cover for hydropower projects. The meeting was attended by the Minister for Power Sardar Awais Ahmad Khan Leghari, Minister for Industries & Production Rana Tanveer Hussain, Minister for Economic Affairs Ahad Khan Cheema, Minister of State for Finance & Revenue Ali Pervez Malik, governor SBP, chairman SECP, federal secretaries, and other senior officials of the relevant ministries.

ePaper - Nawaiwaqt