The Economic Coordination Committee (ECC) of the Cabinet, presided over by the Minister for Finance and Revenue, Senator Mohammad Ishaq Dar, met on Wednesday and approved the execution of the settlement agreement for the New York Roosevelt Hotel.
The settlement agreement entails negotiations with the Hotel Union and the New York City Government in an effort to use the hotel for immigrant lodging over a three-year period.
During the meeting, the ECC discussed a summary of the challenges and reopening of the Roosevelt Hotel submitted by the Ministry of Aviation. Minister Dar briefed the audience on the outcome of the committee’s negotiations with the New York City Government and the Hotel Union, focusing on the agreement reached for the use of the 1,025-room Roosevelt Hotel.
As part of the settlement agreement, the ECC also authorised the Roosevelt Hotel to withdraw pending litigation against the Hotel Union and the City of New York. This decision is consistent with the terms of the union settlement agreement.
In addition, the ECC instructed Pakistan International Airlines Limited (PIAL) to engage with the National Bank of Pakistan and discuss its business plan regarding the rollover of loans.
In additional decisions, the ECC awarded Rs153 million in technical supplementary grants to the Ministry of Water Resources. These funds will be used to settle the dispute with India under the Indus Waters Treaty by paying the court case expenses.
In addition, the ECC approved a Rs.4 billion ($20 million) technical supplemental grant as rupee cover for the Ministry of Federal Education and Professional Training. This grant will support the World Bank programme entitled “Actions to Strengthen Performance for Inclusive and Responsive Education.”
Minister for Power Khurram Dastgir Khan, Minister for Industries and Production Syed Murtaza Mahmud, Minister for Climate Change Senator Sherry Rehman, Minister for Aviation and Railways Khawaja Saad Rafiq, Minister of State for Finance and Revenue Dr. Aisha Ghous Pasha, Special Assistant to the Prime Minister for Finance Tariq Bajwa, and SAPM on Revenue Tariq Mehmood Pasha were present at the meeting. There were also federal secretaries and other senior officers present/
The ECC’s decisions regarding the settlement agreement for the Roosevelt Hotel and the grant allocations reflect the government’s efforts to address a variety of economic and administrative issues, ensure efficient resource management, and resolve disputes through negotiations and legal processes.