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 says defense pact with Saudi Arabia elevated brotherly ties to ‘new heights’
- Pakistan, Saudi Arabia signed strategic defense pact last year pledging aggression against one will be treated as attack on both
- Deputy PM Ishaq Dar says enduring bonds with Islamic and Arab nations form vital pillar of Pakistan’s foreign policy
ISLAMABAD: Deputy Prime Minister Ishaq Dar said on Wednesday that Pakistan’s defense pact with Saudi Arabia elevated its brotherly ties with the Kingdom to “new heights,” stressing that close ties with Arab and Islamic nations form a key pillar of Islamabad’s foreign policy.
Pakistan and Saudi Arabia signed a Strategic Mutual Defense Agreement on Sept. 17 last year, pledging that aggression against one country would be treated as an attack on both, enhancing joint deterrence and formalizing decades of military and security cooperation.
Both nations agreed in October 2025 to launch an economic cooperation framework to strengthen trade and investment ties.
“In the Middle East, our landmark Strategic Mutual Defense Agreement with Saudi Arabia has elevated our brotherly ties to new heights,” Dar said while speaking at the Pakistan Governance Forum 2026 event in Islamabad.
The Pakistani deputy prime minister was speaking on the topic “Navigating International Relations Amidst Changing Geo-Politics.”
Dar noted that Pakistan has reinforced partnerships with other Middle Eastern nations such as the UAE, Qatar, Jordan, Oman, Egypt and Bahrain. He said these partnerships have yielded “concrete agreements” in investment, agriculture, infrastructure, and energy sectors.
“Our enduring bonds with Islamic and Arab nations form a vital pillar of our foreign policy, and we will continue to expand our partnerships across Asia, Latin America, and Africa,” he said.
Dar pointed out that the presidents of Kazakhstan, Uzbekistan and Kyrgyzstan have undertaken visits to Pakistan in recent months, reflecting Central Asian nations’ desire to boost cooperation with Islamabad.
On South Asia, the Pakistani deputy PM said Pakistan has successfully transformed its fraternal ties with Bangladesh into “a substantive partnership.”
“Similarly, the trilateral mechanism involving China, Pakistan, and Bangladesh has been launched with a view to expanding and deepening regional cooperation and synergy,” the Pakistani minister said.
He said Islamabad has strengthened its “all-weather” partnership with China via the second phase of the multi-billion-dollar China-Pakistan Economic Corridor agreement and “unwavering support” from both sides for each other’s core interests.
Dar said Pakistan had also reinvigorated its partnership with the US, advancing cooperation in trade, technology, investment, and regional stability.
“This calibrated approach has enhanced our ability to navigate complexity with skill and confidence, ensuring that our national interests are served without compromising our core foreign policy principles,” he said.
