ECC approves $142 m to address financial issues of Roosevelt Hotel

ISLAMABAD, Sep 02 (APP): The Economic Coordination Committee (ECC) of the Cabinet Wednesday approved an amount of $142 million for the Pakistan International Airlines Investment Limited (PIA-IL) to address the financial challenges faced by the Roosevelt Hotel, New York.

Adviser to the Prime Minister on Finance and Revenue Dr Abdul Hafeez Shaikh chaired the ECC meeting here, according to a Finance Ministry’s press release.

The amount for the Roosevelt Hotel was approved on the recommendation of the committee constituted in an earlier meeting of the ECC, headed by the Deputy Chairman of Planning Commission and including secretaries of Finance Division, Aviation Division, and Law and Justice Division.

The ECC also approved the summary moved by the Power Division for the rationalization of 11 quarterly adjustments of K-Electric Limited from July 2016 to March 2019.

The quarterly adjustments of K-Electric for the period from July 2016 to March 2019 would be notified with effect from September 1, 2020 to bring the tariff of K-Electric at par with what is currently in field for the consumers of DISCOS (distribution companies), the statement added.