ECC approves funds to meet Roosevelt Hotel obligations

ISLAMABAD: The Economic Coordination Committee (ECC) of the cabinet on Tuesday approved funds to meet the emergent liabilities of the Roosevelt Hotel Corporation (RHC), including payment of local taxes and utilities.

The summary for funds was presented by the Aviation Division before the ECC, the meeting of which was presided over by the Minister for Finance and Revenue, Shaukat Tarin, said a press release issued by the finance ministry.

According to the statement, PIA-IL requested the ECC to utilise $10 million, available with the National Bank of Pakistan (NBP), to clear the immediate financial liabilities. The ECC approved the summary with the directive to exercise due diligence in meeting the emergent liabilities and submit before the forum a utilisation report regarding the funding by the government, duly verified by external auditors of the entity.

The committee also ordered the division 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 Rs215 million, to hold local government elections in cantonment boards.

The ECC also approved for a TSG amounting to Rs50 billion for extending rupee cover against financing by the Asian Development Bank (ADB) of $ 300 million for procurement of Covid-19 vaccine and ancillary goods and services.