Saturday, 22 June 2024, 02:31:49 am

ECC approves funds allocation for Roosevelt Hotel
May 23, 2024

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

The Committee approved the summary presented by 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 Roosevelt Hotel.

The ECC allowed the request of Industries and Production Division for the release of over 2,159 million rupees from already approved budgetary 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.

Additionally, the ECC considered and approved proposals for Technical Supplementary Grants such as development expenditures in the Power Division and compensation packages for casualties at the DASU Hydropower Project.