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: 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.