ECC Approves Release of Rs. 2 Billion to Pay Gas Bills of Pakistan Steel Mills

Federal Minister for Finance Muhammad Aurangzeb presided over a meeting of the Economic Coordination Committee (ECC) of the Cabinet at Finance Division today.

The Cabinet Committee approved the summary presented by Ministry of Aviation to allow the utilization of $8 million available with National Bank of Pakistan to pay severance and other operational expenses of Roosevelt Hotel.

The ECC allowed the request of Industries and Production Division for the release of Rs. 2,159.53 million from already approved budgeted allocation, to pay gas bills of Pakistan Steel Mills (PSM). The committee also considered the summary of Finance Division to make amendments in policy for equity investment abroad to facilitate IT exports.

Further, the ECC considered and approved proposals for Technical Supplementary Grants, including:

  1. 1,027.378 million to the Earthquake Reconstruction and Rehabilitation Authority for clearing matured liabilities of the contractors.
  2. 6.2 million to the Ministry of Interior, to be paid to the family of deceased.
  3. 54.490 million to the Ministry of Interior as surrendered by Ministry of National Food Security and Research for the project of ICT Administration, Islamabad.
  4. 12,036.103 million to the Ministry of National Health Services, Regulations & Coordination, in favor of Federal Directorate of Immunization (FDI).
  5. 2,217 million to the Power Division for development expenditures during current fiscal year.
  6. 184.509 million to the Pakistan Nuclear Regulatory Authority.
  7. $2.58 million and Rs. 2.5 million to the Ministry of Water Resources as the compensation packages for Chinese and local causalities at DASU Hydropower Project.
  8. 70,484 million to the Ministry of Water Resources as rupee cover for hydropower projects.

The meeting was attended by the Minister for Power Sardar Awais Ahmad Khan Leghari, Minister for Industries & Production Rana Tanveer Hussain, Minister for Economic Affairs Ahad Khan Cheema, Minister of State for Finance & Revenue Ali Pervez Malik Governor SBP, Chairman SECP, Federal Secretaries, and other senior officials of the relevant ministries.

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