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Business & Finance

ECC approves $142mn to meet Roosevelt Hotel financial requirements

  • Chairman PIA-IL in a letter on August 8, 2020 stated that the financial health of PIA-IL with existing proceeds repayment of $ 56 million to PIA-IL is not possible.
02 Sep 2020

The Economic Coordination Committee (ECC) on Wednesday has approved $142 million for meeting the financial requirements of the Roosevelt Hotel.

As per details, the committee, which met in Islamabad with Prime Minister's Advisor on Finance Abdul Hafeez Shaikh also approved the quarterly adjustment of K Electric tariff, and Rs 4.7 billion rupees shall be released for the purpose from approved the budget of 2020-21.

Days ago, on the issue of Roosevelt Hotel, adviser on finance said that all decisions related to it would be taken in the national interest and in the most transparent manner. The adviser directed that the issue should be handled in a fair and most transparent manner and in the best national interest.

Shaikh further directed that it should be made clear to all that in this transaction all matters shall be resolved in a manner that is only in favor of the country and not benefiting any individual or party.

Earlier, Chairman PIA-IL in a letter on August 8, 2020, stated that the financial health of PIA-IL with existing proceeds repayment of $ 56 million to PIA-IL is not possible. He has requested GoP to provide funding of $ 125 million to pay to PIA-IL to meet employees' liabilities and debt.