The Economic Coordination Committee (ECC) of the Cabinet on Thursday approved key supplementary grants alongside measures to streamline trade with regional partners.

The ECC gave the go-ahead to a draft Statutory Regulatory Order (SRO) proposed by the Ministry of Commerce, amending the business-to-business (B2B) barter trade mechanism governing bilateral trade with Afghanistan, Iran, and Russia, according to a statement issued by the Ministry of Finance.

The committee, chaired by Finance Minister Senator Muhammad Aurangzeb, reviewed a summary from the Ministry of Interior and Narcotics Control seeking financial support for the Roosevelt Hotel in New York after the termination of its lease agreement with the City of New York.

While expressing support to address urgent financial needs, the ECC directed the ministry to revisit its estimates and resubmit the proposal.

On a request from the Ministry of Defence, the ECC approved a Technical Supplementary Grant (TSG) of Rs4 billion for cash compensation to residents affected by land acquisition for the Defence Complex Islamabad, with the balance to be arranged by the Capital Development Authority (CDA).

The committee also endorsed the Interior Ministry’s proposal for Rs20 billion in phased funding for law and order maintenance, with disbursements to be managed by the Finance Division in consultation with the Interior Division.

In addition, a TSG of Rs174.8 million was approved for the Frontier Corps KP (North) headquartered in Peshawar.

The meeting was attended by Petroleum Minister Ali Pervaiz Malik, Commerce Minister Jam Kamal Khan, Investment Board Minister Qaiser Ahmed Sheikh, Privatisation Adviser Muhammad Ali, along with federal secretaries and senior officials of concerned ministries and regulatory bodies.