ECC allows formation of committee for Roosevelt Hotel re-opening

ECC allows formation of committee for Roosevelt Hotel re-opening

ISLAMABAD, Apr 28 (APP):The Economic Coordination Committee (ECC) of the Cabinet on Friday approved the recommendations of the Ministry of Aviation to form a committee to negotiate with the New York City government and the Roosevelt Hotel Union for the re-opening of the hotel.

Federal Minister for Finance and Revenue Senator Mohammad Ishaq Dar presided over the ECC meeting, a Finance Ministry press release said.

The Ministry of Aviation submitted a summary of challenges and re-opening of Roosevelt Hotel, New York, and informed that the PIA Investment Limited (PIA-IL) management had got an opportunity offered by the New York City government to utilize the Hotel ( 1,025 rooms) over a period of three years for migrant business at the rate of US$ 200 per room per day.

After a detailed discussion, the ECC approved the formation of a four-member negotiating committee led by the Secretary Aviation Division to negotiate with the New York City Government and the Hotel Union.

The ECC also allowed PIA-IL/ RHC to utilize the funds of $ 1.145 million from the available balance as bridge financing to commence the re-opening work at the Hotel.

The Ministry of National Health Services, Regulations and Coordination presented a summary of the increase in maximum retail prices of drugs based on the recommendations of the Policy Board of DRAP in the wake of the devaluation of the Pak Rupee and inflation.

To ensure continuous availability of drugs in the market, the ECC as a one-time dispensation allowed manufacturers and importers to increase their existing MRPs of essential drugs equal to a 70% increase in CPI ( with a cap of 14% ) and MRPs of all other drugs and lower priced drugs an increase up to 70% in CPI (with a cap of 20%) on the basis of average CPI for current year i-e 1st July 2022 to 01st April 2023 with condition that it should be considered as an annual increase for the financial year 2023-24 and no increase under this category will be granted in next financial year.

The ECC further advised the Policy Board to review the situation after three months i-e in July 2023 and make its recommendations to the federal government regarding a price decrease if the Pak rupee appreciates its value.

It considered and approved a summary of the Ministry of National Food Security and Research regarding the fixation of wheat procurement targets for the provinces of Sindh, Punjab, and Balochistan for Wheat Crop 2022-23 along with Cash Credit Limit.

According to the summary, the Sindh Government was assigned the procurement target of 1.400 MMT at the price of Rs 4,000/40 Kg, and the Punjab Government was given the procurement target of 3.500 MMT at the price of Rs 3,900/40 Kg.

In addition, the Balochistan government was assigned the procurement target of 0.100 MMT at the price of Rs 3,900/40 Kg.

The ECC considered and approved Rs 35 million additional funds as a Technical Supplementary Grant in favour of the Ministry of Interior for the establishment of Passport Processing Centers (PPCs) at the Tehsil level in 30 administrative units throughout the country and the creation of 30 posts of MRP Operational officers in Department of Immigration and Passports, subject to the approval of the Austerity Committee.

The ECC also approved Rs 450 million in favour of the Ministry of Interior as a Technical Supplementary Grant to meet the operational requirements of ICT Police regarding its liabilities and training of recruits.

Federal Minister for Power Khurram Dastgir Khan, Federal Minister for Industries and Production Syed Murtaza Mahmud, Shahid Khaqan Abbasi MNA/Ex-PM, Minister of State for Finance and Revenue Dr. Aisha Ghous Pasha, Minister of State for Petroleum Musadik Masood Malik, SAPM on Finance Tariq Bajwa, SAPM on Revenue Tariq Mehmood Pasha, Coordinator to the PM on Economy Bilal Azhar Kayani, federal secretaries, and other senior officers attended the meeting.

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