The government has formed a committee to negotiate a settlement with the union as it moves ahead with plans to redevelop the Roosevelt Hotel in New York.

The Economic Coordination Committee (ECC), chaired by Finance Minister Muhammad Aurangzeb, approved the proposal on Monday.

The committee will engage with relevant stakeholders and negotiate a settlement aimed at clearing the way for the hotel’s redevelopment.

The Roosevelt Hotel is owned by Pakistan International Airlines (PIA) and has been a key part of the government’s efforts to unlock value from the property.