Daily Times

The Economic Coordination Committee (ECC) of the Cabinet on Wednesday after a detailed discussion approved the execution of the settlement agreement of the Roosevelt Hotel, New York with the Hotel Union and the New York City Government.

The ECC met here with Minister for Finance and Revenue Senator Mohammad Ishaq Dar in chair discussed a summary submitted by the Ministry of Aviation on Challenges and re-opening of Roosevelt Hotel, New York, and briefed the meeting on the outcome of negotiations held by the Committee with the New York City Government and the Hotel Union on reaching a suitable agreement for utilization of the Roosevelt Hotel (1,025 rooms) over a period of three years for Immigrant Housing Business by the New York City Government.

The ECC further gave node for withdrawal of pending lawsuits by the Roosevelt Hotel with the Hotel Union and the City of New York pursuant to the terms of the settlement agreement with the Union. The ECC further directed the PIAL to engage and share its business plan with the National Bank Pakistan regarding the rollover of loans, said a press release.

The ECC also approved Technical Supplementary Grants/Supplementary Grants of Rs153 million in favour of the Ministry of Water Resources for payment of court cases fee for the settlement of the dispute with India under the Indus Waters Treaty. The Technical Supplementary Grant of Rs 4 billion (Equivalent to US$ 20 million) as Rupee cover in favour of the Ministry of Federal Education and Professional Training for the World Bank Program “Actions to Strengthen Performance for inclusive and responsive education was also approved.

The meeting was attended by 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, Shahid Khaqan Abbasi, Minister of State for Finance and Revenue Dr Aisha Ghous Pasha. Special Assistant to Prime Minister Finance Tariq Bajwa, SAPM on Revenue Tariq Mehmood Pasha, federal secretaries and other senior officers also attended the meeting.