The Economic Coordination Committee (ECC) of the Cabinet has approved significant reforms in barter trade with Russia, Iran, Afghanistan, and national security funding. The meeting, chaired by Finance Minister Senator Muhammad Aurangzeb, also finalized critical financial decisions for several ministries.
Barter Trade Reforms with Regional Partners
The ECC approved a draft Statutory Regulatory Order (SRO) prepared by the Ministry of Commerce. This amendment strengthens the business-to-business (B2B) barter trade mechanism. Moreover, the revised framework will regulate bilateral trade with Afghanistan, Iran, and Russia. These reforms aim to ensure smoother regional cooperation and sustainable trade partnerships.
Financial Support for Roosevelt Hotel
The committee reviewed a request from the Ministry of Interior and Narcotics Control. The ministry sought financial assistance for the Roosevelt Hotel in New York after its lease ended with the City of New York. Although the ECC supported urgent assistance, it asked the ministry to revise its estimates. Consequently, the proposal will be resubmitted with updated details.
Grants for Defence and Law and Order
The ECC approved a Technical Supplementary Grant (TSG) of Rs4 billion for the Ministry of Defence. This grant will compensate residents affected by land acquisition for the Defence Complex in Islamabad. However, the Capital Development Authority (CDA) will arrange the remaining funds.
Additionally, the ECC endorsed phased funding of Rs20 billion for maintaining law and order. The Finance Division will manage the disbursements in consultation with the Interior Division.
Support for Frontier Corps KP
The committee also approved a TSG of Rs174.8 million for the Frontier Corps KP (North), headquartered in Peshawar. This allocation is designed to strengthen operational capacity and regional security.
Senior Leadership Participation
The meeting was attended by Petroleum Minister Ali Pervaiz Malik, Commerce Minister Jam Kamal Khan, and Investment Board Minister Qaiser Ahmed Sheikh. Privatisation Adviser Muhammad Ali, federal secretaries, and senior regulatory officials also participated in the session.
Conclusion
Through these decisions, the ECC aims to balance economic reforms with security priorities. The committee seeks to strengthen regional trade while ensuring timely financial support for essential national projects.
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