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’s Punjab to hold Basant kite festival from Feb. 6-8 after 25-year ban
- Province to start safety antenna installation campaign on all motorbikes from tomorrow
- Basant ban began in the mid-2000s after fatal incidents involving metal-coated kite strings
ISLAMABAD: Pakistan’s most populous Punjab province will hold the iconic spring kite-flying Basant festival from Feb. 6-8 next year after the provincial government lifted its long-running 25-year ban earlier this month, a senior minister said on Wednesday.
The ban due to fatal kite-string accidents was lifted after the provincial administration passed the Punjab Kite Flying Ordinance 2025, marking a cautious comeback for a festival that once symbolized the arrival of spring in the region.
Basant, one of Punjab’s most celebrated cultural festivals, used to draw thousands to rooftops across Lahore and other cities. However, from 2005 onward, it was repeatedly banned after dozens of people were killed or injured by dangerous metal and chemically coated kite strings that could slash motorcyclists and pedestrians, many of them children.
Courts and provincial administrations upheld these prohibitions for years, making the revival of Basant one of Punjab’s most politically sensitive cultural decisions.
“[Chief Minister] Punjab Maryam Nawaz Sharif has approved the revival of our beloved Heritage Basant Festival on February 6th, 7th and 8th celebrated across Lahore after 25 years, a tradition rooted in history and admired worldwide,” Punjab Senior Minister Marriyum Aurangzeb said in a post on X.
“The Basant Ordinance 2025 will be fully enforced and implemented. Every kite string and seller registered, QR coded and monitored. Basant belongs to the people, its success is our collective responsibility.”
Aurangzeb added that a citywide campaign to install safety antennas on all motorbikes will begin tomorrow.
“Every motorbike in Lahore will have Antenna for safety before and during Basant Inshallah,” Aurangzeb added. “Safety is CM Punjab’s priority. Let every kite soar and every ride be safe together, we’ll make Lahore happy historic and secure!“
Under new regulations, the government has made it mandatory for anyone making or selling kites to register. Each kite must carry a QR code linking to the seller’s identity.
The rules also prohibit children under the age of 18 from flying kites, making their guardians responsible for any violations. Fines for minors are set at Rs 50,000 ($179) for a first offense and Rs 100,000 ($358) for a second offense. Kite flying will only be allowed with formal authorization.
In Punjab, kite flying will require permission from the deputy commissioners, and kites may only be purchased from registered vendors.
The ordinance introduces strict penalties for adults as well, including three to five years in prison and a fine of Rs 2 million ($7,160) for violations.
The government has said the new regulatory framework was intended to revive the Basant festival in a controlled and safe manner, balancing public enthusiasm for the celebration with longstanding concerns over fatal injuries caused by unsafe kite strings.
Officials say that the ordinance also aims to formalize the small but extensive economy surrounding Basant, which includes kite manufacturing, string production, dyes, paper supply, bamboo cutting, wholesalers and thousands of seasonal vendors.
For decades, this value chain has operated informally, with no licensing, safety regulations, or tax registration, generating minimal direct revenue for the provincial government.
By bringing manufacturers and sellers into a documented system through mandatory registration and QR-coded products, officials argue that the government can expand its tax base, ensure safer production standards and create more predictable business opportunities for cottage-industry workshops that rely on the Basant season for income.
