The government of Pakistan assured the international monetary fund to sell off the Pakistan International Airline by July.
In a briefing to IMF on Pakistan’s privatization programme, government officials said that five entities will be privatize soon, including PIA.
PIA owned Roosevelt hotel’s future hangs in balance as US moves to cancel $228 million lease.
IMF has been told that the decision to sell the Roosevelt hotel or give it under a lease will be taken by Cabinet Committee on Privatization.
The hotel is located in top 1% of most expensive areas in the world.
The hotel consist of 1025 rooms was given to lease for three years lease to Immigrant Housing Business by New York City Government in July 2023.
However, the city government in a notice informed about ending the deal in July, one year before it’s expiry.
This will result in 80$ million loss of business. For third year, city government for 210$ per room.
Cabinet Committee on Privatization anticipated that President Donald Trump’s anti-immigration policies could jeopardize the $228 million three-year deal as early as November last year.
The concern was communicated to IMF, and it was told that authorities are exploring alternative business arrangements.
