Islamabad: The Economic Coordination Committee (ECC) on Wednesday provided its approval to the issuance of funds needed to meet the financial operational requirements of PIA’s Roosevelt Hotel, a news source reported. In this regard, the committee gave its approval for issuing USD 142 million for the hotel situated in New York City.
Advisor to the Prime Minister (PM) on Finance Abdul Hafeez Shaikh presided over the ECC meeting held in Islamabad. During the session, he also sanctioned the quarterly adjustment of K Electric tariff. He added that for this purpose, the provincial government would release PKR 4.7 billion from the budget approved for fiscal year 2020-21.
Earlier, on the matter of PIA’s Roosevelt Hotel, Shaikh had assured that all decisions pertaining to it would be taken in a transparent manner, and keeping national interest under consideration. He had also directed the officials concerned that all matters related to hotel should only be in favour of the country and not benefit any individual or party.
Earlier, the ECC had also approved the payment of all outstanding dues arising from the debt attainment worth USD 105 million of the Roosevelt Hotel.