Pakistan government approves financial package for PIA’s Roosevelt Hotel after termination of lease
The Economic Coordination Committee
(ECC) has expressed support for providing urgent financial assistance to
Pakistan International Airlines’ historic Roosevelt Hotel in New York,
following challenges arising from the termination of its lease agreement with
New York City.
Chaired by Finance Minister Senator
Muhammad Aurangzeb, the ECC reviewed a submission from the Ministry of Interior
and Narcotics Control requesting a Technical Supplementary Grant (TSG) to address
the hotel’s immediate financial needs. While backing the support, the committee
directed the ministry to revisit cost estimates and resubmit the proposal for
final approval.
Read More US
terminates $220 million agreement for PIA’s Roosevelt Hotel
The Roosevelt Hotel, a flagship property of PIA located in Manhattan, has faced operational disruptions due to the lease termination. Officials emphasized that meeting the hotel’s urgent financial requirements is a priority, while ensuring careful scrutiny of funding estimates before release.
During the same session, the ECC
approved Rs 4 billion for compensation to residents affected by land
acquisition for the Defence Complex in Islamabad, with the remaining funds to
be managed by the Capital Development Authority (CDA). Additionally, Rs 20
billion was sanctioned for phased law and order maintenance, along with Rs
174.8 million for the Frontier Corps KP (North) in Peshawar.
Read More PIA’s
Roosevelt Hotel in New York may attain cultural heritage status after 100 years
In a separate decision, the ECC approved a draft amendment to the Business-to-Business (B2B) Barter Trade Mechanism with Afghanistan, Iran, and Russia, aimed at facilitating smoother bilateral commerce.
Source: Techjuice