Islamabad August 11 2022: Economic Coordination Committee approved GoP guarantee for financing facility of US$ 142 million as loan in accordance with facility agreement between Roosevelt Hotel Corporation (RHC) and the National Bank of Pakistan (NBP).
Federal Minister for Finance and Revenue Mr. Miftah Ismail presided over the meeting of the Economic Coordination Committee (ECC) of the Cabinet at Finance Division today.
Ministry of Aviation submitted a summary regarding issuance of GoP guarantee in favour of National Bank of Pakistan.
It was informed that Roosevelt Hotel Corporation (RHC) is owned by Pakistan International Airlines-Investment Limited (PIA-IL). Hotel business was slow down in USA and around the world due to Covid-19 pandemic. RHC was shut down in December,2020 to avoid losses. A committee headed by Deputy Chairman Planning Commission was constituted to look into the financial challenges of RHC.
ECC approved GoP support of US$ 142 million on the recommendation of the committee. Finance Division arranged financing facility as loan from National Bank of Pakistan. The ECC after discussion approved GoP guarantee for financing facility of US$ 142 million as loan in accordance with facility agreement between Roosevelt Hotel Corporation (RHC) and the National Bank of Pakistan (NBP).
Federal Minister for Commerce Syed Naveed Qamar, Federal Minister for Power Mr. Khurram Dastgir Khan, Mr. Shahid Khaqan Abbasi MNA/ex-PM, Minister of State for Finance and Revenue Dr. Aisha Ghous Pasha, Minister of State for Petroleum Mr. Musadik Masood Malik, SAPM on Government Effectiveness Dr. Muhammad Jehanzeb Khan, Coordinator to the PM on economy Mr. Bilal Azhar Kayani , Coordinator to PM on Commerce & Industry Rana Ihsan Afzal, Federal Secretaries and senior officers attended the meeting.