Government approves $8M for Roosevelt Hotel severance expenses

ISLAMABAD: The Economic Coordination Committee (ECC) meeting on Thursday approved $8 million for expenses related to the Roosevelt Hotel in New York with funds currently held in a National Bank of Pakistan (NBP) account.

The committee approved the summary presented by Ministry of Aviation to allow the utilisation of $8 million available with the national bank to pay severance and other operational expenses of the US hotel.

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The meeting was chaired by Finance Minister Muhammad Aurangzeb and approved significant financial aids and expenditures for several sectors in its recent meeting in Islamabad.

The ECC sanctioned $2.58 million in aid for the families of the six Chinese nationals killed in a terrorist attack on March 26.

The Pakistan Embassy in Beijing will disburse the compensation to the family members of the deceased Chinese nationals.

In other decisions, the ECC approved the request of Ministry of Industries & Production (MoI&P) for the release of over Rs2.159 billion to pay gas bills of Pakistan Steel Mill (PSM).

The ECC sanctioned the release of over Rs1.2 billion for the Earthquake Reconstruction and Rehabilitation Authority (ERRA). For Islamabad administration projects, Rs55 million was allocated.

The committee approved more than Rs12 billion million for a federal programme aimed at preventing multiple diseases. Similarly, over Rs2.21 billion was allocated for development expenditure for the power division. An investment for partnership in a foreign IT company was also approved.

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Lastly, the ECC approved Rs184.5 million for a technical supplementary grant for the Pakistan Nuclear Regulatory Authority.

The ECC is expected to approve the compensation package in its next meeting, with the amount to be transferred to the Pakistan embassy in Beijing for onward distribution to the victims’ families.