AIRLINK 62.05 Decreased By ▼ -0.43 (-0.69%)
BOP 5.35 Decreased By ▼ -0.01 (-0.19%)
CNERGY 4.48 Decreased By ▼ -0.10 (-2.18%)
DFML 15.50 No Change ▼ 0.00 (0%)
DGKC 66.20 Decreased By ▼ -0.20 (-0.3%)
FCCL 17.34 Decreased By ▼ -0.25 (-1.42%)
FFBL 27.65 Decreased By ▼ -0.05 (-0.18%)
FFL 9.25 Decreased By ▼ -0.02 (-0.22%)
GGL 10.08 Increased By ▲ 0.02 (0.2%)
HBL 105.55 Decreased By ▼ -0.15 (-0.14%)
HUBC 121.99 Decreased By ▼ -0.31 (-0.25%)
HUMNL 6.55 Decreased By ▼ -0.05 (-0.76%)
KEL 4.53 Increased By ▲ 0.03 (0.67%)
KOSM 4.40 Decreased By ▼ -0.08 (-1.79%)
MLCF 35.90 Decreased By ▼ -0.30 (-0.83%)
OGDC 123.06 Increased By ▲ 0.14 (0.11%)
PAEL 22.90 Decreased By ▼ -0.10 (-0.43%)
PIAA 30.41 Increased By ▲ 1.07 (3.65%)
PIBTL 5.82 Increased By ▲ 0.02 (0.34%)
PPL 107.99 Increased By ▲ 0.49 (0.46%)
PRL 27.26 Increased By ▲ 0.01 (0.04%)
PTC 17.39 Decreased By ▼ -0.68 (-3.76%)
SEARL 53.15 Increased By ▲ 0.15 (0.28%)
SNGP 62.85 Decreased By ▼ -0.36 (-0.57%)
SSGC 10.70 Decreased By ▼ -0.10 (-0.93%)
TELE 9.10 Decreased By ▼ -0.10 (-1.09%)
TPLP 11.51 Increased By ▲ 0.07 (0.61%)
TRG 70.76 Decreased By ▼ -0.10 (-0.14%)
UNITY 23.75 Increased By ▲ 0.13 (0.55%)
WTL 1.28 No Change ▼ 0.00 (0%)
BR100 6,939 Decreased By -5.1 (-0.07%)
BR30 22,774 Decreased By -52.8 (-0.23%)
KSE100 67,124 Decreased By -18.3 (-0.03%)
KSE30 22,089 Decreased By -0.6 (-0%)

ISLAMABAD: A meeting of the Economic Coordination Committee (ECC) of the Cabinet has decided to approve provision of US$10 million funds to Pakistan International Airlines Investment Limited (PIA-IL) to clear immediate financial liabilities of the Roosevelt Hotel Corporation (RHC) including payment of local taxes and other utilities.

The meeting, presided over by Finance Minister Shaukat Tarin, was requested by the PIA-IL to utilise US$10 million available with the National Bank of Pakistan to clear the immediate financial liabilities.

The Aviation Division presented a summary requesting for provision of funds to meet urgent liabilities of the RHC.

An official said that the meeting did not last long because of the cabinet meeting, as minister had to attend the cabinet meeting, as well.

Subsequent to deliberation, the ECC approved the summary with a direction to exercise due diligence in meeting immediate liabilities and submit a utilisation report, before the forum, regarding funding support by the government duly verified by the external auditors of the entity.

‘Roosevelt Hotel attached by court in Reko-Diq case’

The Committee also directed to engage a world-class consultant to meet the financial and operational challenges faced by the RHC.

The ECC approved a Technical Supplementary Grant (TSG) Rs215 million for the Election Commission of Pakistan (ECP) to conduct local government elections in Cantonment Boards thereby.

The meeting approved another TSG of Rs50.1 billion for extending rupee cover against financing provided by the Asian Development Bank (ADB) US$300 million for procurement of the Covid-19 vaccine and ancillary goods and services.

The meeting was attended by Federal Minister for Privatisation Muhammad Mian Soomro, Federal Minister for National Food Security and Research Syed Fakhar Imam, Federal Minister for Maritime Affairs Syed Ali Zaidi, Adviser to the Prime Minister on Commerce Abdul Razak Dawood, federal secretaries, chairman Federal Board of Revenue (FBR), chairman SECP, and other senior officers.

Governor State Bank of Pakistan (SBP) Dr Reza Baqir attended the meeting through a video link.

Copyright Business Recorder, 2021

Comments

Comments are closed.