ECC approves settlement agreement of Roosevelt Hotel.

ISLAMABAD -- The Economic Coordination Committee (ECC) of the Cabinet on Wednesday after a detailed discussion approved the execution of the settlement agreement of the Roosevelt Hotel, New York with the Hotel Union and the New York City Government.

The ECC met here with Minister for Finance and Revenue Senator Mohammad Ishaq Dar in chair discussed a summary submitted by the Ministry of Aviation on Challenges and re-opening of Roosevelt Hotel, New York, and briefed the meeting on the outcome of negotiations held by the Committee with the New York City Government and the Hotel Union on reaching a suitable agreement for utilization of the Roosevelt Hotel (1,025 rooms) over a period of three years for Immigrant Housing Business by the New York City Government.

The ECC further gave node for withdrawal of pending lawsuits by the Roosevelt Hotel with the Hotel Union and the City of New York pursuant to the terms of the settlement agreement with the Union.

The ECC further directed the PIAL to engage and share its business plan with the National Bank Pakistan regarding the rollover of loans, said a press release.

The ECC also approved Technical Supplementary Grants/Supplementary Grants of Rs153 million in...