The Economic Coordination Committee (ECC) of the Cabinet on Thursday approved a draft Statutory Regulatory Order (SRO) to amend the Business-to-Business (B2B) Barter Trade Mechanism with Afghanistan, Iran, and Russia.
The meeting, chaired by Finance Minister Muhammad Aurangzeb, considered and approved the draft SRO proposed by the Ministry of Commerce, aimed at addressing operational gaps and facilitating smoother bilateral trade under the barter framework.
The ECC also took up a summary submitted by the Ministry of Defence and Narcotics Control regarding financial support for the Roosevelt Hotel, New York, following the termination of its lease agreement with New York City. The Committee expressed support for meeting the hotel’s immediate financial needs but directed the Ministry to revisit and reconfirm its estimates before resubmitting the matter.
Separately, the ECC approved a Technical Supplementary Grant (TSG) of Rs. 4 billion for cash compensation to residents of land acquired for the Defence Complex in Islamabad, with the remaining balance to be met by the Capital Development Authority (CDA).
The Committee further endorsed a proposal from the Ministry of Interior and Narcotics Control for the allocation of Rs. 20 billion as TSG for maintaining law and order. Funds will be released on demand and in phases by the Finance Division in consultation with the Interior Division. In addition, Rs. 174.8 million was approved for the Interior Division to support enforcement efforts by HQ Frontier Corps KP (North) Peshawar.
The meeting was attended by Petroleum Minister Ali Pervaiz Malik, Commerce Minister Jam Kamal Khan, Investment Board Minister Qaiser Ahmed Sheikh, Adviser to the Prime Minister on Privatisation Muhammad Ali, as well as federal secretaries and senior officials from relevant ministries and regulatory bodies.
