Roosevelt Hotel’s loans price $105 to be paid off: ECC

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The ECC accredited a supplementary grant of Rs540 billion that was unutilised attributable to procedural circumstances below the COVID-19 reduction measures introduced in FY2020-21. — Theroosevelthotel

ISLAMABAD: The Economic Coordination Committee (ECC) on Wednesday accredited to pay all excellent dues ensuing from a debt of $105 million procured by Roosevelt Hotel in Manhattan, New York.

“ECC of the Cabinet has given principled go-ahead to the payment of all liabilities and responsibilities resulting from a debt of $105 million secured by the Pakistan International Airlines Corporation Limited (PIACL) owned Roosevelt Hotel in Manhattan, New York,” the finance ministry mentioned in an announcement.

The ECC assembly, chaired by Adviser to the Prime Minister on Finance and Revenue Dr Abdul Hafeez Shaikh, additionally directed the Finance Division to have interaction with the legislation division, aviation division, and Planning Commission to formalise the mode of fee/refinancing “as per the schedule of the loan contracted by the hotel to meet its financial challenges and submit it to the ECC in its next meeting for formal approval”.

The ECC additionally accredited the Cabinet Division’s proposal to reallocate by a technical supplementary grant lapsed funds of Rs8.01 billion which have been allotted for sustainable growth objectives achievement programme (SAP). These have been proposed to be reallocated to respective ministries and divisions.

Furthermore, it accredited amendments to the Import Policy Order 2016 to streamline worldwide commerce of stay animals and their meat merchandise below the worldwide rules and practices.

The committee accredited the Finance Division’s proposal to permit the Asian Development Bank to launch Offshore Pakistan Rupee (PKR)-Linked Bonds primarily based on conducive market circumstances.

A revision in key phrases of Prime Minister’s Kamyab Jawan Youth Entrepreneurship Scheme to make it accessible to all Pakistani residents assembly the standards was additionally given the nod.

The ECC additionally green-lit a proposal by the Ministry of Inter-provincial Coordination to grant an exemption to travel and tourism-related companies within the annual charges for the renewal of working licences.

The monetary impression of the one-year payment exemption is estimated at Rs17 million.

The committee additionally took up the restructuring of financing services and deferment in re-payment of principal mortgage quantity by one 12 months upon a written request of the debtors acquired earlier than June 30 to mitigate the consequences of COVID-19. The identical facility was prolonged to debtors below Prime Minister’s Youth Business Loan Scheme (PMYBL) and Prime Minister’s Kamyab Jawan Youth Entrepreneurship Scheme upon written requests acquired earlier than September 30, offered the debtors would proceed to service the mark-up quantity.

Approval was additionally given for added funds of $three million to be contributed to the SAARC COVID-19 Emergency Fund.

The ECC additional accredited a supplementary grant of Rs540 billion that was unutilised attributable to procedural circumstances below the COVID-19 reduction measures introduced in FY2020-21.

The committee additionally accredited the Revenue Division’s proposal for the association of Rs40 billion for the fee of revenue tax refunds of as much as Rs50 million pending since 2013.