PIA gets $10 million to clear liabilities of Roosevelt Hotel in New York

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ISLAMABAD – The cabinet’s Economic Coordination Committee (ECC) on Tuesday allowed the Pakistan International Airlines Investment Limited (PIA-IL) to utilize $10 million in order to clear the financial liabilities, including payment of local taxes and utilities, of the Roosevelt Hotel Corporation in New York.

The approval was granted in a meeting chaired by Federal Minister for Finance and Revenue Shaukat Tarin after a summary of the funds required was presented by the Aviation Division before the ECC.

According to the official statement, PIA-IL requested the ECC to utilise the $10 million available with the National Bank of Pakistan to clear the immediate financial liabilities.

The meeting also directed to exercise due diligence in meeting emergent liabilities and submit utilization report.

The committee also ordered the Aviation Division to engage a world-class consultant to meet the financial and operational challenges faced by the Roosevelt Hotel.

Furthermore, the ECC approved a Technical Supplementary Grant (TSG) in favour of the Election Commission of Pakistan (ECP), amounting to Rs215 million.

The money was allocated for local government elections in Cantonment Boards, thereby enabling the ECP to perform its constitutional obligations.

The ECC also approved a TSG amounting to Rs50,100 million for extending rupee cover against financing by the Asian Development Bank (ADB) of US $300 million for the procurement of COVID-19 vaccines and ancillary goods and services.

The ECC meeting was attended by several federal ministers including Minister for Privatisation Muhammad Mian Soomro, Minister for National Food Security & Research Syed Fakhar Imam, and Minister for Maritime Affairs Syed Ali Zaidi.

The Adviser to the PM on Commerce Abdul Razak Dawood, Federal Secretaries, Chairman Federal Board of Revenue (FBR), and Chairman Securities and Exchange Commission of Pakistan (SECP) also participated in the meeting.

Governor State Bank of Pakistan, Dr Reza Baqir joined the meeting through a video link, the statement added.

Read more: https://pakobserver.net/international-court-unfreezes-pias-assets-including-roosevelt-hotel-in-reko-diq-case/

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