ECC Approves Roosevelt Hotel Sale for $8M?

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

The committee approved the summary presented by the Ministry of Aviation to allow the utilization of eight million dollars available with the National Bank of Pakistan to pay severance and other operational expenses of the Roosevelt Hotel.

Federal Minister for Finance and Revenue Senator Muhammad Aurangzeb presided over a meeting of the Economic Coordination Committee (ECC) of the Federal Cabinet

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 Rs1,027.378 million to the Earthquake Reconstruction and Rehabilitation Authority for clearing matured liabilities of the contractors while Rs6.2 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 Rs12,036.103 million to the Ministry of National Health Services, Regulations and Coordination, in favour of Federal Directorate of Immunization (FDI).

ECC approved Rs2,217 million to the Power Division for development expenditures during current fiscal year, Rs184.509 million to the Pakistan Nuclear Regulatory Authority while $2.58  million and Rs2.5 million to the Ministry of Water Resources as the compensation packages for Chinese and local causalities 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.