ECC Approves $8 Million For Roosevelt Hotel

The Economic Coordination Committee (ECC) of the Cabinet on Thursday approved $8 million to pay severance packages and operational expenses of the Roosevelt Hotel

ISLAMABAD, (UrduPoint / Pakistan Point News - 23rd May, 2024) The Economic Coordination Committee (ECC) of the Cabinet on Thursday approved $8 million to pay severance packages and operational expenses of the Roosevelt Hotel.

Ministry of Aviation presented a summary to allow the utilization of $8 million available with National Bank of Pakistan to pay severance and other operational expenses of Roosevelt Hotel.

The meeting was met under the chairmanship of Federal Minister for Finance and Revenue Muhammad Aurangzeb, said a news release.

The ECC also 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.

Similarly, the ECC considered and approved proposals for Technical Supplementary Grants, including Rs. 1,027.378 million to the Earthquake Reconstruction and Rehabilitation Authority for clearing matured liabilities of the contractors while Rs. 6.2 million to the Ministry of Interior, to be paid to the family of deceased.

The committee also 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 whereas Rs. 12,036.103 million to the Ministry of National Health Services, Regulations and Coordination, in favour of Federal Directorate of Immunization (FDI).

ECC approved Rs. 2,217 million to the Power Division for development expenditures during current fiscal year, Rs. 184.509 million to the Pakistan Nuclear Regulatory Authority while $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 committee 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 and Production Rana Tanveer Hussain, Minister for Economic Affairs Ahad Khan Cheema, Minister of State for Finance and Revenue Ali Pervez Malik, Governor State Bank of Pakistan (SBP), Chairman Security Exchange Commission of Pakistan (SECP), Federal Secretaries, and other senior officials of the relevant ministries.