ISLAMABAD: Economic Coordination Committee of the Cabinet held a meeting on Friday to discuss and approve several important summaries.
The meeting was chaired by Federal Finance Minister Ishaq Dar, whereas
Federal Minister for Power Khurram Dastgir Khan, Shahid Khaqan Abbasi MNA/Ex-PM, Minister of State for Petroleum Mr. Musadik Masood Malik, Federal Minister for Industries and Production Syed Murtaza Mahmud, SAPM on Finance Tariq Bajwa, SAPM on Revenue Tariq Mehmood Pasha, Coordinator to the PM on Economy Bilal Azhar Kayani, Minister of State for Finance and Revenue Dr. Aisha Ghous Pasha, Federal Secretaries and other key officers attended the meeting.
The Aviation Ministry submitted a summary on the Challenges and re-opening of Roosevelt Hotel, New York and said that PIA Investment Limited management had received an opportunity offered by the government of New York City to utilize the Hotel over a period of 3 years for migrant business for 200 dollars per room per day. The ECC approved the recommendations and gave a green light for forming a 4-member negotiating committee under the Secretary Aviation Division to talk with the government of New York City and the Hotel Union.
Other approved summaries
The committee also allowed PIA-IL/ RHC to utilize the funds of 1.145 million dollars from the available balance as bridge financing to start the re-opening work at the Hotel.
The Ministry of National Health Services presented a summary on raising the maximum retail prices of drugs on the recommendations of the Policy Board of DRAP in times of devaluation of the Rupee and inflation. To ensure continuous availability of medicines in the market, the committee allowed as a one-time dispensation, permitted manufacturers and importers to raise their existing MRPs of necessary drugs equal to a 70 per cent increase in CPI and MRPs of all other medicines and lower priced drugs an increase up to 70 per cent in CPI based on average CPI for the ongoing year i-e from 1st July 2022 to 1st April 2023.
The ECC advised the Policy Board to review the situation after 3 months, i.e. in July 2023 and give its recommendations to the government regarding price decrease if the Rupee appreciates its value.
The committee approved the Ministry of National Food Security and Research summary regarding the fixation of Wheat procurement goals for Punjab, Sindh, and Balochistan provinces for Wheat Crop 2022-23 with a Cash Credit Limit.
The committee approved 35 million rupees of additional funds as a Technical Supplementary Grant for the Ministry of Interior for the establishment of Passport Processing Centers at the Tehsil level in thirty administrative units across the country and the creation of thirty posts of MRP Operational officers in the Immigration and Passports Department, subject to Austerity Committee’s approval.
The committee also approved 450 million rupees for the Ministry of Interior as a Technical Supplementary Grant to meet the Operational needs of ICT Police regarding the training of recruits and its liabilities.
