ECC to discuss financial challenges of Roosevelt Hotel

August 11, 2020 (MLN): Economic Coordination Committee (ECC) will discuss the financial challenges of Roosevelt Hotel, Manhattan, New York, owned by Pakistan International Airlines Investment Limited (PIAIL).

The summary has been moved by the aviation division which requests government support amid Roosevelt Hotel sale and privatization programme.

It may be noted that financial advisors have been designated for the PIA hotel transaction.

The meeting is scheduled to take place tomorrow, i.e. August 12, 2020, at Cabinet Division.

The Advisor to the Prime Minister on Finance and Revenue will chair the meeting wherein the following important agenda points will be discussed:

• Reallocation of lapsed funds through a supplementary technical grant under Sustainable Development Goals Achievement Programme (SAP)

• Amendment in the Import Policy Order, 2016

• ADB offshore Pak Rupee Linked Bonds

• Request for additional funds equal to US4 3 million for a contribution towards ‘SAARC COVID-19 Emergency Fund’

• Grant of Exemption from payment of annual renewal fee of licences issued to travel and tourism-related business

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