ECC Approves Supplementary Grants and Trade Facilitation Measures

The Economic Coordination Committee (ECC) of the Cabinet, chaired by Finance Minister Senator Muhammad Aurangzeb, approved several key supplementary grants and trade facilitation measures during its meeting on Thursday. The ECC reviewed a proposal from the Ministry of Interior and Narcotics Control seeking financial support for the Roosevelt Hotel in New York, following the termination of its lease agreement with New York City. While the committee expressed support for addressing the hotel’s urgent financial needs, it directed the ministry to revisit its estimates and resubmit the matter for further consideration. In another major decision, the ECC approved a technical supplementary grant (TSG) of Rs. 4 billion for the Ministry of Defence to compensate residents whose land was acquired for the construction of the Defence Complex in Islamabad. The Finance Division will arrange the funds, while the remaining requirement will be met by the Capital Development Authority (CDA). The committee also greenlit a proposal from the Ministry of Interior and Narcotics Control for a Rs. 20 billion TSG to maintain law and order. The funds will be released on demand and in phases, in consultation with the Interior Division. Additionally, the ECC approved a TSG of Rs. 174.8 million for the Interior Division to support law enforcement operations by the HQ Frontier Corps KP (North) in Peshawar. On the trade front, the ECC approved a draft Statutory Regulatory Order (SRO) proposed by the Ministry of Commerce to amend the Business-to-Business (B2B) Barter Trade Mechanism. The changes are aimed at facilitating 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, as well as federal secretaries and senior officials from relevant ministries and regulatory bodies.