$142m approved to address financial issues of PIA-owned Roosevelt Hotel

ISLAMABAD: A sum worth $142 million was approved Wednesday to address the financial challenges faced by the PIA-owned Roosevelt Hotel in New York, US, during a meeting of the Economic Coordination Committee (ECC).

The decision to grant the Pakistan International Airlines (PIA) the funds was made in a meeting chaired by Adviser to the Prime Minister on Finance and Revenue, Dr Abdul Hafeez Shaikh, according to a press release issued by the finance ministry.

The move came on the recommendation of a committee constituted in an earlier meeting. It is headed by the Planning Commission's deputy chairperson and comprises the secretaries of the finance, aviation, and law and justice divisions.

The ECC also approved in today's meeting a summary from the Power Division to rationalise 11 quarterly adjustments of the K-Electric from July 2016 to March 2019.

The K-Electric's quarterly adjustments — from July 2016 to March 2019 — would be notified with effect from September 1, 2020, and aim to bring the tariff at par with what is currently in field for the consumers of DISCOs (distribution companies), the statement added.