Islamabad: A meeting of the Economic Coordination Committee (ECC) of the Cabinet was held today under the chairmanship of Federal Minister for Finance and Revenue Senator Muhammad Aurangzeb.

The ECC considered a summary submitted by the Ministry of Interior and Narcotics Control regarding financial support in the form of a Technical Supplementary Grant (TSG) to Roosevelt Hotel, New York, following the termination of its lease agreement with New York City. The Committee expressed support for addressing the most urgent financial requirements of the hotel and directed the Ministry to revisit and reconfirm its estimates and resubmit the matter to the ECC.

The Committee also approved a TSG of Rs. 4 billion for the Ministry of Defence to compensate residents of land acquired for the Defence Complex Islamabad, while the remaining requirement is to be met by the Capital Development Authority (CDA).

Further, the ECC approved a proposal from the Ministry of Interior and Narcotics Control for the allocation of Rs. 20 billion as TSG for the maintenance of law and order. Funds will be released on demand and in phases by the Finance Division in consultation with the Interior Division. Additionally, Rs. 174.8 million was approved for the HQ Frontier Corps KP (N) Peshawar to support law enforcement operations.

The Committee also approved a draft Statutory Regulatory Order (SRO) proposed by the Ministry of Commerce to amend the Business-to-Business (B2B) Barter Trade Mechanism governing bilateral trade with Afghanistan, Iran, and Russia.

The meeting was attended by Federal Minister for Petroleum Ali Pervaiz Malik, Federal Minister for Commerce Jam Kamal Khan, Federal Minister for Investment Board Qaiser Ahmed Sheikh, Adviser to the Prime Minister on Privatisation Muhammad Ali, federal secretaries and senior officials from concerned ministries and regulatory bodies.