ISLAMABAD – The Economic Coordination Committee (ECC) takes importantdecision over the PIA Roosevelt Hotel in New York.
ECC on Wednesday has approved $142 million for meeting the financialrequirements of the Roosevelt Hotel.
As per details, the committee, which met in Islamabad with Prime Minister’sAdvisor on Finance Abdul Hafeez Shaikh also approved the quarterlyadjustment of K Electric tariff, and Rs 4.7 billion rupees shall bereleased for the purpose from approved the budget of 2020-21.
Days ago, on the issue of Roosevelt Hotel, adviser on finance said that alldecisions related to it would be taken in the national interest and in themost transparent manner. The adviser directed that the issue should behandled in a fair and most transparent manner and in the best nationalinterest.
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Shaikh further directed that it should be made clear to all that in thistransaction all matters shall be resolved in a manner that is only in favorof the country and not benefiting any individual or party.
Earlier, Chairman PIA-IL in a letter on August 8, 2020, stated that thefinancial health of PIA-IL with existing proceeds repayment of $ 56 millionto PIA-IL is not possible. He has requested GoP to provide funding of $ 125million to pay to PIA-IL to meet employees’ liabilities and debt.
