Bailout For PIA’s Roosevelt | ECC Approves $142 million
ISLAMABAD: The Economic Coordination Committee (ECC) on Wednesday, September 2, approved funds worth $142 million to address the financial challenges faced by the PIA-owned Roosevelt Hotel in New York, US.
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.