ECC of the Cabinet approves execution of settlement agreement with the Hotel Union & New York City Govt for utilization of Roosevelt Hotel
ISLAMABAD, May 10 (SABAH): Federal Minister for Finance and Revenue Senator Mohammad Ishaq Dar chaired the meeting of the Economic Coordination Committee (ECC) of the Cabinet on Wednesday.
Federal Minister for Power Engineer Khurram Dastgir Khan, Federal Minister for Industries and Production Syed Murtaza Mahmud, Federal Minister for Climate Change Senator Sherry Rehman, Federal Minister for Aviation/Railways Khawaja Muhammad Saad Rafiq, Shahid Khaqan Abbasi MNA/Ex-PM, Minister of State for Finance and Revenue Dr. Aisha Ghous Pasha, SAPM on Finance Tariq Bajwa, SAPM on Revenue Tariq Mehmood Pasha, Federal Secretaries and other senior officers attended the meeting.
Ministry of Aviation submitted a summary on 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 an 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 detailed discussion approved the execution of settlement agreement with the Hotel Union and the New York City Government. The ECC further gave nod for withdrawal of pending law suits by the Roosevelt Hotel with the Hotel Union and City of New York pursuant to the terms of settlement agreement with the Union. The ECC further directed the PIAL to engage and share its business plan with the NBP regarding rollover of loan.
The ECC also approved following Technical Supplementary Grants/Supplementary Grants:
i. Rs. 153 million in favour of Ministry of Water Resources for payment of court cases fee for the settlement of dispute with India under the Indus Waters Treaty.
ii. Rs. 4 billion (Equivalent to US$ 20 million) as Rupee cover in favour of Ministry of Federal Education and Professional Training for the World Bank Programme “Actions to Strengthen performance for inclusive and responsive education”.