ECC okays $142m to meet financial needs of PIA’s Roosevelt Hotel

ISLAMABAD: The Economic Coordination Committee (ECC) on Wednesday approved $142 million to meet the financial requirements of PIA’s Roosevelt hotel.
Adviser to Prime Minister on Finance and Revenue Dr Abdul Hafeez Shaikh chaired the meeting of ECC at the Cabinet Division.
In order to meet the financial challenges faced by Pakistan International Airlines-owned Roosevelt Hotel in New York, the ECC approved the amount up to $142 million for PIA-IL on the recommendation of the committee constituted in an earlier meeting of the ECC, headed by the Planning Commission deputy chairman and included secretaries of Finance Division, Aviation Division and Law & Justice Division.
Meanwhile, the ECC also approved the summary moved a Power Division for the rationalization of 11 quarterly adjustments of K-Electric Limited from July 2016 till March 2019. The quarterly adjustments of K-Electric for the period under review would be notified with effect from 1st September 2020, to bring the tariff K-Electric at par with what is currently being filed for consumers of (ex-WAPDA) distribution companies.
The government would release Rs4.7 billion for K-Electric from the approved budget of 2020-21.
On July 3, the ECC had given an approval to increase KE tariff, however, the federal cabinet did not ratify the decision due to severe loads heeding in Karachi.
It is pertinent to mention that NEPRA on Tuesday had also approved an increase in KE tariff.
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