ISLAMABAD: Pakistan’s Economic Coordination Committee (ECC) on Wednesday gave a “principled go-ahead” to the settlement of outstanding loans of the Roosevelt Hotel in Manhattan, New York, which is owned by Pakistan’s national flag carrier.
“ECC of the Cabinet has given principled go-ahead to the payment of all liabilities and responsibilities resulting from a debt of $ 105 million secured by the Pakistan International Airlines Corporation Limited (PIACL) owned Roosevelt Hotel in Manhattan, New York,” the finance ministry said in a statement.
The ECC meeting was chaired by the Adviser to the Prime Minister on Finance and Revenue, Dr. Abdul Hafeez Shaikh, who asked the Finance Division to engage with the Law Division, Aviation Division and Planning Commission to formalize the mode of payment and refinancing “as per schedule of the loan contracted by the Roosevelt Hotel to meet its financial challenges, and submit to ECC in its next meeting for formal approval.”
Media reported last month that the government planned to sell the hotel but the Cabinet Committee on Privatization (CCoP) decided against privatising it and said it would be run as a joint venture instead. The CCoP has also directed the Privatization Commission to hire a financial adviser to start the process in light of a report by accounting firm Deloitte in July 2019 recommending that “the highest and best use of the Roosevelt Hotel property is to redevelop the site into a mixed-use [property] (through joint venture) of primarily an office tower over retail and condominium.”
Pakistan okays $105mln debt settlement for PIA-owned Roosevelt Hotel
https://arab.news/ngpk3
Pakistan okays $105mln debt settlement for PIA-owned Roosevelt Hotel
- Media reported last month that the government planned to sell the New York-based hotel
- Cabinet Committee on Privatization has decided against privatising the hotel, will run it as a joint venture instead
Pakistan orders enhanced security measures countrywide as Afghanistan conflict intensifies
- Prime Minister Shehbaz Sharif chairs high-level meeting to review security situation in Pakistan amid Afghanistan conflict
- Sharif informed all security institutions on alert, all necessary measures being taken for country’s security, says state media
ISLAMABAD: Prime Minister Shehbaz Sharif this week directed authorities to ensure prompt and comprehensive security measures countrywide, state media reported, as Pakistan’s armed conflict with Afghanistan intensifies.
The latest clashes between the neighbors erupted after Pakistani airstrikes targeted what Islamabad described as militant hideouts inside Afghanistan earlier this month, drawing sharp criticism from Kabul. Afghanistan’s forces retaliated on Thursday night, firing at Pakistani posts along the border and triggering an armed conflict between the two sides.
Pakistan’s Information Minister Attaullah Tarar said on Saturday that 352 Afghan Taliban fighters had been killed and more than 535 wounded since the latest phase of hostilities began. Both sides have claimed to inflict massive damage on the other. However, Arab News could not independently verify the claims.
Sharif chaired a high-level meeting on Saturday to review the overall security situation in the country, state broadcaster Radio Pakistan reported.
“Prime Minister Muhammad Shehbaz Sharif has directed all relevant federal and provincial institutions to ensure prompt and comprehensive security measures in view of the current situation,” the state media reported on Saturday.
The premier directed authorities to ensure mutual coordination and coherence in fulfilling their responsibilities, paying tribute to the armed forces for their sacrifices in the “war against terrorism.”
“During the meeting, the prime minister was informed that all security institutions are on alert and all necessary measures are being taken for the security of the country,” the state broadcaster said.
On escalating tensions in the Middle East, Sharif directed Pakistan’s foreign office to repatriate Pakistani nationals stranded in Iran safely via Azerbaijan.
GUNFIRE, EXPLOSIONS IN KABUL
Meanwhile, explosions echoed across parts of Kabul before sunrise on Sunday, followed by bursts of gunfire, a Reuters witness said. It was not clear what had been targeted or whether there were casualties.
Taliban administration spokesperson Zabihullah Mujahid said the sounds were the result of Afghan forces targeting Pakistani aircraft over the capital.
“Air defense attacks were carried out in Kabul against Pakistani aircraft. Kabul residents should not be concerned,” Mujahid said.
Pakistan has said Afghanistan harbors Tehreek-e-Taliban Pakistan (TTP) militants, which it said are waging an insurgency inside Pakistan.
Afghanistan has denied the accusation, saying it does not allow Afghan territory to be used against other countries and that Pakistan’s security challenges are an internal matter.
Pakistani security sources have said operation “Ghazab Lil Haq,” meaning “Wrath for the Truth,” was ongoing and that Pakistani forces had destroyed Afghan posts and camps.
Diplomatic efforts have intensified, with Saudi Arabia, Russia, China, the European Union and United Nations urging restraint and calling for talks.
With additional input from Reuters
