The federal Minister for Finance and Revenue, Shaukat Tarin, presided over the meeting of the Economic Coordination Committee of the Cabinet today.

The ECC approved a Technical Supplementary Grant (TSG) amounting to Rs. 215 million in favor of the Election Commission of Pakistan (ECP) to hold the local government elections in the Cantonment Boards, thereby enabling the ECP to perform its constitutional obligations.

The Aviation Division presented a summary requesting the provision of funds to meet the emergent liabilities of the Roosevelt Hotel Corporation (RHC), including the payment of local taxes and utilities.

PIA-IL requested the Economic Coordination Committee (ECC) to utilize an amount of $10 million available with the National Bank of Pakistan to clear the immediate financial liabilities.

After due deliberation, the ECC approved the summary with the directive to exercise due diligence in meeting emergent liabilities and submit a utilization report on funding support by the Government of Pakistan duly verified by the external auditors of the entity to the forum.

The committee also called for the engaging of a world-class consultant to meet the financial and operational challenges faced by the RHC.

The ECC also accorded its approval for a Technical Supplementary Grant (TSG) amounting to Rs. 50,100 million to extend the rupee cover against the financing by the Asian Development Bank (ADB) of US$300 million for the procurement of COVID-19 vaccines, and ancillary goods and services.

The meeting was attended by the federal Minister for Privatization, Muhammad Mian Soomro; the federal Minister for National Food Security & Research, Syed Fakhar Imam; the federal Minister for Maritime Affairs, Syed Ali Zaidi; the Adviser to the Prime Minister on Commerce, Abdul Razak Dawood; federal Secretaries; the Chairman of the Federal Board of Revenue; the Chairman of the Securities & Exchange Commission of Pakistan; and other senior officers. The Governor of the State Bank of Pakistan, Dr. Reza Baqir, attended it through a video link.

Source: Pro Pakistani