ECC Approves to Clear Liabilities of PIA’s Hotel in NY
According to a news source, the Economic Coordination Committee (ECC) of Islamabad granted a grant of USD 17.3 million to cover Pakistan International Airline’s (PIA) Roosevelt Hotel’s debts. Minister of Finance Shaukat Tarin presided over the ECC meeting.
In January 2021, PIA declared its intention to battle for the Roosevelt Hotel, which had been pledged in the Reko Diq mining litigation and was being examined by a British Virgin Islands (BVI) court to resolve the dispute. PIA has reportedly begun negotiating with the high court counsel to save the hotel.
Additionally, the meeting approved a funding for the state press agency and television network. In addition, the members of the conference studied a report on operational losses sustained during gasoline distribution via pipelines and authorised 0.5% of these losses.
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