Islamabad, August 31, 2021 (PPI-OT):Federal Minister for Finance and Revenue, Mr. Shaukat Tarin, presided over the meeting of Economic Coordination Committee (ECC) of the cabinet today. Federal Minister for Privatization Muhammad Mian Soomro, Federal Minister for National Food Security and Research Syed Fakhar Imam, Federal Minister for Maritime Affairs Syed Ali Zaidi, Adviser to the PM on Commerce Abdul Razzak 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.
Aviation Division presented a summary requesting for provision of funds to meet emergent liabilities of the Roosevelt Hotel Corporation (RHC) including payment of local taxes and utilities. PIA-IL requested the ECC to utilize US$10 million available with the National Bank of Pakistan to clear the immediate financial liabilities. After due deliberation, 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 GoP 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 Technical Supplementary Grant (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.
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