ECC approves timely settlement of Roosevelt Hotel’s loan August 12, 2020

Shares
ECC approves timely settlement of Roosevelt Hotel’s loan August 12, 2020

ISLAMABAD- Economic Coordination Committee of the Cabinet has given principled go-ahead to the payment of all liabilities associated with the debt of 105 million dollars secured by the Pakistan International Airlines owned Roosevelt Hotel in Manhattan, New York.

The ECC meeting chaired by Adviser to the Prime Minister on Finance and Revenue Dr Abdul Hafeez Shaikh also approved a proposal by the Finance Division to allow the Asian Development Bank to launch Offshore Pakistan Rupee-Linked bonds based on conducive market conditions.

The ECC approved a revision in key terms of Prime Minister's Kamyab Jawan Youth Entrepreneurship Scheme for making the scheme accessible to all Pakistani citizens meeting the laid-down criteria.

The ECC also okayed a proposal by the Ministry of Inter-provincial Coordination for grant of exemption from payment of annual renewal fee of licences issued to travel and tourism related businesses.

The ECC approved a proposal for additional funds of 3 million dollars for contribution towards SAARC COVID-19 Emergency Fund announced during the video conference of SAARC leaders in March 2020.

The ECC also approved a supplementary grant of 540 billion rupees having remained unutilised due to procedural conditions under the COVID-19 relief measures announced in financial year 2020-21.