The Economic Coordination Committee (ECC) on Thursday approved supplementary grants worth over Rs24.17 billion for the defence and interior ministries, alongside a rationalised financial plan for reopening Pakistan’s Roosevelt Hotel in New York.
Chaired by Finance Minister Muhammad Aurangzeb, the ECC sanctioned Rs20 billion for the Interior Ministry to maintain law and order, with phased releases by the Finance Division. Another Rs4 billion was approved as cash compensation to landowners affected by the Defence Complex Islamabad project, partly financed by the Capital Development Authority (CDA). Additionally, Rs174.8 million was allocated to support law enforcement operations of Frontier Corps KP (North), Peshawar.
At the Roosevelt Hotel, the committee reviewed the Defence Ministry’s request for urgent funds of about $17.5 million, potentially rising to $20m, to cover liabilities and restart operations after its lease with New York City ended earlier this year. The ECC expressed concern over the estimates and directed the Ministry of Defence and Pakistan International Airlines Investment Limited (PIA-IL) to rationalise costs before final approval. The Privatisation Commission is also pursuing a long-term joint venture for the property, with seven proposals under review.
The meeting also cleared a draft Statutory Regulatory Order (SRO) to amend the Business-to-Business (B2B) Barter Trade Mechanism with Afghanistan, Iran, and Russia. Since its launch in June 2023, businesses have raised concerns over restrictive product lists and conditions tying imports to prior exports. The revised framework aims to simplify trade flows and align them with the broader Import and Export Policy Orders.
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