Tuesday, January 31, 2023

$17.3mn approved to clear Roosevelt Hotel’s liabilities


ISLAMABAD: The Economic Coordination Committee (ECC) of the cabinet on Wednesday approved $17.3 million grant to clear the liabilities of Roosevelt Hotel, ARY News reported.

A meeting of the ECC presided over by Finance Minister Shaukat Tarin also approved Rs 274 million grant for state televisions and news agency.

The meeting decided to provide additional wheat to the Khyber Pakhtunkhwa (KP) province. According to sources having details regarding the decisions made during the ECC meeting, 500,000 metric tonnes of wheat was approved for the KP province from the stock of SUPARCO.

Moreover, the sources said that the policy relating to foreign funding to non-governmental organizations (NGOs) also came under discussion and it was later approved after deliberations.

In December 2020, Prime Minister Imran Khan ordered action against foreign-funded NGOs defaming Pakistan within the next 48-hours.

Moreover, a report on operational losses to be incurred through the supply of petrol via pipeline was also discussed in the meeting. The ECC, according to sources, has approved 0.5 percent of operational losses through the pipeline.

Read More: PIA decides it will fight for Roosevelt Hotel in Reko Diq case

Earlier on January 27, the Pakistan International Airlines (PIA) had announced it will be contesting to save its New York’s Roosevelt Hotel which was being evaluated by a British Virgin Islands (BVI) court to settle the Reko Diq case as it was mortgaged against the deal.

According to the details through sources privy to the development, the national flag carrier had sought the help from high court lawyers in the litigation process as it prepares grounds to fight the case of Roosevelt Hotel which is feared to be awarded to the international mining company.


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