The Economic Coordination Committee (ECC) of the Cabinet, chaired by Minister for Finance and Revenue Senator Mohammad Ishaq Dar, convened on Wednesday and approved the execution of the settlement agreement for the Roosevelt Hotel in New York.
The settlement agreement involves negotiations with the Hotel Union and the New York City Government, aiming to utilize the hotel for immigrant housing business over a three-year period.
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During the meeting, the ECC discussed a summary submitted by the Ministry of Aviation on the challenges and reopening of the Roosevelt Hotel. Minister Dar briefed the attendees on the outcome of the committee’s negotiations with the New York City Government and the Hotel Union, highlighting the agreement reached for the utilization of the 1,025-room Roosevelt Hotel.
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As part of the settlement agreement, the ECC also approved the withdrawal of pending lawsuits by the Roosevelt Hotel with the Hotel Union and the City of New York. This decision aligns with the terms of the settlement agreement with the Union.
Furthermore, the ECC directed the Pakistan International Airlines Limited (PIAL) to engage with and share its business plan with the National Bank of Pakistan regarding the rollover of loans.
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In other decisions, the ECC granted Technical Supplementary Grants/Supplementary Grants of Rs153 million to the Ministry of Water Resources. These funds will be utilized for the payment of court case fees in order to settle the dispute with India under the Indus Waters Treaty.
Additionally, the ECC approved a Technical Supplementary Grant of Rs4 billion (equivalent to US$20 million) as Rupee cover for the Ministry of Federal Education and Professional Training. This grant will support the World Bank program “Actions to Strengthen Performance for Inclusive and Responsive Education.”
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The meeting was attended by various ministers, including Minister for Power Khurram Dastgir Khan, Minister for Industries and Production Syed Murtaza Mahmud, Minister for Climate Change Senator Sherry Rehman, Minister for Aviation/Railways Khawaja Saad Rafiq, Minister of State for Finance and Revenue Dr Aisha Ghous Pasha, as well as Special Assistant to the Prime Minister Finance Tariq Bajwa, and SAPM on Revenue Tariq Mehmood Pasha. Federal secretaries and other senior officers were also present.
The ECC’s decisions regarding the settlement agreement for the Roosevelt Hotel and the grant allocations reflect the government’s efforts to address various economic and administrative matters, ensuring effective management of resources and resolving disputes through negotiations and legal processes.
