ECC approves settlement agreement amongst Hotel Union, NYC government, and Roosevelt Hotel

May 10, 2023 (MLN): The Economic Coordination Committee (ECC) of the Cabinet on Wednesday approved the execution of the settlement agreement with the Hotel Union and the New York City government.

The ECC further gave node for the withdrawal of pending lawsuits by the Roosevelt Hotel with the Hotel Union and the City of New York pursuant to the terms of a settlement agreement with the Union. 

The committee further directed the PIAL to engage and share its business plan with the NBP regarding the rollover of the loan.

Ministry of Aviation submitted a summary on the challenges and re-opening of Roosevelt Hotel, New York, and briefed the meeting on the outcome of negotiations held by the committee with the New York City government and the Hotel Union on reaching a suitable agreement for utilization of the Roosevelt Hotel (1,025 rooms) over a period of three years for Immigrant Housing Business by the New York City government.

The ECC after a detailed discussion approved the execution of a settlement agreement with the Hotel Union and the New York City government. 

Following Technical Supplementary Grants have also been approved during the meeting:

i.    Rs153 million in favour of the Ministry of Water Resources for payment of court cases fee for the settlement of a dispute with India under the Indus Waters Treaty.

ii.    Rs4 billion (Equivalent to $20mn) as Rupee cover in favour of the Ministry of Federal Education and Professional Training for the World Bank Programme “Actions to Strengthen Performance for Inclusive and responsive education.

Federal Minister for Finance and Revenue Senator Mohammad Ishaq Dar chaired the said meeting today.

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