Utilising Roosevelt Hotel: ECC forms committee to negotiate with New York City

  • Will hold talks with city government and the Hotel Union to utilise premises over a period of three years for migrant business at $200 per room per day, according to Finance Division's statement
Updated 28 Apr, 2023

The Economic Coordination Committee (ECC) approved the formation of a four-member negotiating committee to hold talks with the New York City Government and the Hotel Union after it was informed of an offer to utilise The Roosevelt Hotel over a period of three years for migrant business at $200 per room per day.

As per a statement released by the Finance Division on Friday, the Ministry of Aviation submitted a summary on challenges and re-opening of The Roosevelt Hotel, New York and informed that PIA Investment Limited (PIA-IL) management has received an opportunity offered by the government of New York City to utilise the hotel (1,025 rooms) over a period of three years for migrant business at $200 per room per day.

After its discussion, held under the chairmanship of Finance Minister Ishaq Dar, the ECC approved the recommendations, and formed a committee to be led by the Secretary Aviation Division.

“The ECC also allowed PIA-IL/ RHC (Roosevelt Hotel Corporation) to utilise the funds of $1.145 million from the available balance as bridge financing to commence the re-opening work at The Roosevelt Hotel,” read the statement.

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Meanwhile, the ECC, on a summary presented by the Ministry of National Health Services, Regulations and Coordination on increase in maximum retail prices of drugs in the wake of devaluation of Pak Rupee and inflation, also allowed manufacturers and importers to increase their existing Maximum Retail Price (MRPs) of essential drugs equal to 70% increase in Consumer Price Index (CPI) (with a cap of 14% ) and MRPs of all other drugs and lower priced drugs an increase up to 70% in CPI (with a cap of 20%) on the basis of average CPI for current year i.e. 1st July, 2022 to 01st April, 2023.

The increase was allowed with a condition that it should be considered as annual increase for the financial year 2023-24 and no increase under this category will be granted in next financial year.

“The ECC further advised the policy board to review the situation after three months i.e. in July 2023 and make its recommendations to the federal government regarding price decrease if Pak rupee appreciates its value,” it added.

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The ECC also considered and approved a summary of Ministry of National Food Security and Research regarding the fixation of wheat procurement targets for the provinces of Sindh, Punjab, and Balochistan for Wheat Crop 2022-23 along with Cash Credit Limit.

The Sindh government has been assigned a procurement target of 1.400 MMT, with a procurement price of Rs4,000/40 Kg.

The Government of Punjab has been assigned a procurement target of 3.500 MMT with a procurement price of Rs3,900/40 Kg.

Lastly, the Government of Balochistan has been assigned a procurement target of 0.100 MMT with a procurement price of Rs3,900/40 Kg.

The ECC considered and approved Rs35 million additional funds as Technical Supplementary Grant in favour of the Ministry of Interior for establishment of Passport Processing Centers (PPCs) at tehsil level in 30 administrative units throughout the country and creation of 30 posts of MRP Operational officers in the Department of Immigration and Passports.

This is subject to the approval of the Austerity Committee.

The ECC also approved Rs450 million in favour of Ministry of Interior as Technical Supplementary Grant to meet the Operational requirements of ICT Police regarding its liabilities and training of recruits, the Finance Division statement added.

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