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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.

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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.

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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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