Islamabad August 31, 2021: ECC approved to utilize US$10 million available with the National Bank of Pakistan to clear the immediate financial liabilities of Roosevelt Hotel Corporation (RHC).
The ECC approved the summary with a direction to exercise due diligence in meeting emergent liabilities and submit utilization report, before the forum, regarding funding support by the GoP duly verified by the external auditors of the entity.
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Earlier the Aviation Division presented a summary requesting for provision of funds to meet emergent liabilities of the Roosevelt Hotel Corporation (RHC) including payment of local taxes and utilities.
PIA-IL requested the ECC to utilize US$10 million available with the National Bank of Pakistan to clear the immediate financial liabilities. The Committee also directed to engage a world class consultant to meet the financial and operational challenges faced by RHC.
Federal Minister for Privatization Muhammad Mian Soomro, Federal Minister for National Food Security & Research Syed Fakhar Imam, Federal Minister for Maritime Affairs Syed Ali Zaidi, Adviser to the PM on Commerce Abdul Razak Dawood, Federal Secretaries, Chairman FBR, Chairman SECP and other senior officers participated in the meeting. Governor State Bank of Pakistan Dr. Reza Baqir joined the meeting through a video link.
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The ECC approved a Technical Supplementary Grant (TSG) in favour of Election Commission of Pakistan, amounting to Rs. 215 million, for holding local Government elections in Cantonment Boards thereby, enabling the Election Commission of Pakistan to perform its constitutional obligations.
The ECC also accorded approval for a Technical Supplementary Grant (TSG) amounting to Rs. 50,100 million for extending rupee cover against financing by the Asian Development Bank (ADB) of US$300 million for procurement of COVID-19 vaccine and ancillary goods and services.