The Economic Coordination Committee (ECC) has expressed support for providing urgent financial assistance to Pakistan’s Roosevelt Hotel in New York, a landmark property facing challenges after the termination of its lease agreement with New York City.
Chaired by Finance Minister Senator Muhammad Aurangzeb, the ECC reviewed a summary from the Ministry of Interior and Narcotics Control, seeking a Technical Supplementary Grant (TSG) for the Roosevelt Hotel to address its pressing financial needs. The committee, while showing its backing, directed the Ministry to revisit its estimates and resubmit the case for final approval.
The Roosevelt Hotel, a historic asset of Pakistan’s national airline (PIA), has long been considered a prestigious property in the heart of Manhattan. Its operations were impacted when the lease with New York City ended, creating an urgent need for financial support. Officials noted that “addressing the most immediate financial requirements of the hotel is a priority,” while stressing the importance of reviewing cost estimates carefully before disbursing funds.
During the same meeting, the ECC approved a Rs. 4 billion grant for compensation payments to residents affected by land acquisition for the Defence Complex Islamabad, with the balance to be arranged by the Capital Development Authority (CDA). The committee also sanctioned Rs. 20 billion for law and order maintenance, to be released in phases as required, along with an additional Rs. 174.8 million for Frontier Corps KP (North) in Peshawar.
In a separate move, the ECC approved a draft amendment to the Business-to-Business (B2B) Barter Trade Mechanism for trade with Afghanistan, Iran, and Russia, aimed at streamlining bilateral commerce.
The meeting was attended by key federal ministers, senior secretaries, and regulatory officials, highlighting the government’s focus on balancing financial support for national assets abroad while ensuring domestic security and trade facilitation.