Daily Times

ISLAMABAD: The Economic Coordination Committee (ECC) of the 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 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.

According to the statement, PIA-IL requested the ECC to utilize US$10 million available with the National Bank of Pakistan to clear the immediate financial liabilities.

The ECC approved the summary with a direction to exercise due diligence in meeting emergent liabilities 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 Federal Minister for Privatization, 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, 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, the statement added.