ECC gives go-ahead for timely settlement of PIA-owned Roosevelt Hotel’s loan

ISLAMABAD – Economic Coordination Committee of the Cabinet has given principled go-ahead to the payment of all liabilities associated with the debt of $105 million secured by the Pakistan International Airlines-owned Roosevelt Hotel in Manhattan, New York.

The ECC meeting chaired by Adviser to the Prime Minister on Finance and Revenue Dr Abdul Hafeez Shaikh also approved a proposal by the Finance Division to allow the Asian Development Bank (ADB) to launch Offshore Pakistan Rupee-Linked bonds based on conducive market conditions.

The ECC approved a revision in key terms of Prime Minister's Kamyab Jawan Youth Entrepreneurship Scheme for making the scheme accessible to all Pakistani citizens meeting the laid-down criteria.

The body also okayed a proposal by the Ministry of Inter-provincial Coordination for grant of exemption from payment of annual renewal fee of licences issued to travel and tourism related businesses.

The ECC approved a proposal for additional funds of 3 million dollars for contribution towards SAARC COVID-19 Emergency Fund announced during the video conference of SAARC leaders in March 2020.

It also approved a supplementary grant of 540 billion rupees having remained unutilised due to procedural conditions under the COVID-19 relief measures announced in financial year 2020-21.