ISLAMABAD: The Economic Coordination Committee of the Cabinet on Wednesday, after a detailed discussion, accorded approval to the execution of the settlement agreement of the Roosevelt Hotel, New York, with the New York City Government and the Hotel Union.
The ECC meeting was chaired by Finance Minister Ishaq Dar and discussed the Ministry of Aviation’s summary on Challenges and the re-opening of the Roosevelt Hotel. The meeting was briefed on the outcome of talks held by the Committee with the Hotel Union and New York City Government on reaching a suitable deal for the utilization of the Roosevelt Hotel (1,025 rooms) over three years for the Immigrant Housing Business by the New York City Government.
The Committee further approved the withdrawal of pending lawsuits by the City of New York and Roosevelt Hotel with the Hotel Union, pursuant to the terms of the agreement with the Union.
Other agreements
Moreover, the Committee directed the PIAL to share its business plan with the National Bank of Pakistan regarding the loan rollover.
The Committee also gave the nod to Technical Supplementary Grants/Supplementary Grants of 153 million rupees in favour of the Ministry of Water Resources to pay the fee of court cases to settle the conflict with India under the Indus Waters Treaty.
The meeting was attended by Minister for Industries and Production Syed Murtaza Mahmud, Minister for Climate Change Senator Sherry Rehman, Minister for Power Khurram Dastgir Khan, Minister of State for Finance Dr Aisha Ghous Pasha, and Minister for Aviation/Railways Khawaja Saad Rafiq.
