The Cabinet’s Economic Coordination Committee (ECC), chaired by Finance Minister Senator Mohammad Aurangzeb, approved a number of key additional grants and trade facility measures during the meeting on Thursday.
Following the termination of a lease agreement with New York City, the ECC reviewed a proposal for the Ministry of Interior and Narcotics Control for financial support for the Roosevelt Hotel in New York. Although the committee expressed support for resolving the hotel’s immediate financial needs, it directed the ministry to review its estimates and re -present the matter for further consideration.
In another major decision, the ECC approved a technical supplementary grant (TSG). For the Ministry of Defense, 4 billion whose land was acquired for the construction of the Defense Complex in Islamabad. The finance division will arrange funds, while the rest will be with the Capital Development Authority (CDA).
The committee also lay down a proposal for one rupee from the Interior Ministry and Drug Control. 20 billion TSG to maintain law and order. Funds will be issued in consultation with the admission division, demand and stages. In addition, the ECC approved the RSS TSG. 174.8 million for the admission division to support law enforcement works through the Headquarters Frontier Corps KP (North) in Peshawar.
On the trade front, the ECC approved a legal regulatory order (SRO) proposed by the Ministry of Commercial to amend the Business to Business (B2B) Barter Trade Procedure. The purpose of these changes is to facilitate bilateral trade with Afghanistan, Iran and Russia.
The meeting was attended by Federal Minister for Petroleum Ali Prose Malik, Federal Minister for Commerce Jam Kamal Khan, Federal Minister for Investment Board Qaiser Ahmed Sheikh, Advisor to the Prime Minister of Privatization, Muhammad Ali, as well as the relevant mines and federal secretaries of regulatory institutions and senior officials.