The Economic Coordination Committee (ECC) of the Cabinet has approved the formation of a four-member committee to negotiate with the government of New York City and the Hotel Union over a proposed business agreement related to the Roosevelt Hotel.
The meeting chaired by Finance Minister Ishaq Dar considered a summary of the Ministry of Aviation on the re-opening of the Roosevelt Hotel in New York.
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The meeting was informed that government of New York City has offered the PIA Investment Limited (PIA-IL) management to utilize the hotel’s 1,025 rooms over a period of three years for migrant business at the rate of $200 per room per day.
The meeting after discussion approved the recommendations of the ministry and approved the formation of a four-member negotiating committee led by the Secretary Aviation Division to negotiate with the government of New York City and the Hotel Union.
The ECC also allowed PIA-IL/Roosevelt Hotel Corporation (RHC) to utilize the funds of $1.145 million from the available balance as bridge financing to commence the re-opening work at the hotel.
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Federal Minister for Power Khurram Dastgir, Federal Minister for Industries and Production Syed Murtaza Mahmud, former prime minister Shahid Khaqan Abbasi, Minister of State for Finance and Revenue Dr. Aisha Ghous Pasha, Minister of State for Petroleum Musadik Malik, SAPM on Finance Tariq Bajwa, SAPM on Revenue Tariq Pasha, Coordinator to the PM on Economy Bilal Azhar, Federal Secretaries, and other senior officers attended the meeting.
Source: Pro Pakistani