ECC Allocates Funds for Roosevelt Hotel and Pakistan Steel Mill, Amends IT Investment Policy

Islamabad, The Economic Coordination Committee (ECC) of the Federal Cabinet, led by Federal Minister for Finance and Revenue Senator Muhammad Aurangzeb, approved several critical financial allocations and policy amendments today to support various sectors of the economy.

According to Ministry of Information and Broadcasting, the ECC sanctioned the use of eight million dollars from funds held by the National Bank of Pakistan for severance and other operational costs of Roosevelt Hotel, as proposed by the Ministry of Aviation. This decision is part of broader efforts to manage the financial health of key assets abroad.

The Committee also responded to a request from the Industries and Production Division by releasing over 2,159 million rupees from the already approved budgetary allocations for covering the gas bills of Pakistan Steel Mill (PSM), aiming to stabilize the struggling industrial giant.

Additionally, the ECC approved amendments proposed by the Finance Division to the policy governing equity investment abroad, which is intended to enhance IT exports by making it easier for companies to engage in and finance international operations.

Other approvals included Technical Supplementary Grants for development expenditures in the Power Division and compensation packages for casualties at the DASU Hydropower Project, underscoring the government’s commitment to both infrastructure development and social welfare.