ISLAMABAD: The Economic Coordination Committee (ECC) of the federal Cabinet here on Tuesday approved funds to meet emergent liabilities of the Roosevelt Hotel Corporation (RHC) including payment of local taxes and utilities.
The summary for funds was presented by the Aviation Division before the ECC, the meeting of which was presided over by the Federal Minister for Finance and Revenue, Shaukat Tarin, according to press statement issued by the Finance Ministry.
Among others, the meeting was attended by Federal Minister for Privatisation Muhammad Mian Soomro, Federal Minister for National Food Security & Research Syed Fakhar Imam, Federal Minister for Maritime Affairs Syed Ali Zaidi, Adviser to the PM on Commerce Abdul Razak Dawood, federal secretaries, FBR chairman, SECP chairman and other senior officers participated in the meeting. State Bank of Pakistan (SBP) Governor Dr Reza Baqir joined the meeting through a video link.
According to the statement, PIA-IL requested the ECC to utilise $10 million available with the National Bank of Pakistan (NBP) to clear the immediate financial liabilities.
The ECC approved the summary with a direction to exercise due diligence in meeting emergent liabilities and submit utilisation 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.
Furthermore, the ECC approved a Technical Supplementary Grant (TSG) in favour of Election Commission of Pakistan (ECP), amounting to Rs 215 million, for holding local government elections in Cantonment Boards thereby, enabling the election commission to perform its constitutional obligations.
Moreover, the ECC also accorded approval for a TSG amounting to Rs50,100 million for extending rupee cover against financing by the Asian Development Bank (ADB) of $300 million for the procurement of Covid-19 vaccines and ancillary goods as well as services.
