Pakistan ruling party says ready to engage with 'sane opposition voices' ahead of antigovernment rallies

Activists of the Pakistani Muslim League - Nawaz (PML-N) shout slogans in support of Pakistan Opposition Leader and PML-N President Shahbaz Sharif during a protest rally in Lahore on October 3, 2020, after the court rejected Sharif's bail plea in a money laundering and assets beyond income case on September 28. (AFP)
Short Url
Updated 11 October 2020
Follow

Pakistan ruling party says ready to engage with 'sane opposition voices' ahead of antigovernment rallies

  • Opposition vows to hold countrywide rallies to force the government to hold earlier general elections
  • Pakistan Muslim League-Nawaz (PML-N) says 'no chance' of any negotiations with the government

ISLAMABAD: Pakistan's ruling party says it is willing to initiate negotiations with "sane voices" in the opposition ahead of a scheduled nationwide protest to dislodge the government, a senior official said on Saturday.
The opposition has recently formed the Pakistan Democratic Movement, vowing to hold countrywide rallies and resign en masse from the national and provincial legislatures to force the government to hold early general elections.
“We are ready to engage with sane voices in the opposition for public and national interest, but surely not with their corrupt and inept leadership,” Senator Faisal Javed Khan, a close aide to Prime Minister Imran Khan, told Arab News.
“They want us to give them relief in corruption cases against them, and let me say it categorically this can’t happen on Prime Minister Khan’s watch,” he said.
Prime Minister Khan’s Pakistan Tehreek-e-Insaf (PTI) party came into power in August 2018 after defeating all major opposition parties in the general elections. The opposition parties, however, claim the elections were rigged, a charge that the government denies vehemently.
“We are one of the biggest democratic political parties in the country, and we believe all conspiracies being hatched against us by the opposition would die down soon,” the senator said, adding that the opposition would be dealt with an "iron hand" if they tried to create chaos through street agitation.
“We can’t let them derail the economic progress made in the last two years,” he said. “We will ensure political and economic stability in the country at any cost.”
The opposition alliance is going to hold the first of its public rallies in Gujranwala, Punjab province, on Oct. 16. The rallies are planned to conclude on Dec. 27 in Larkana, Sindh province — the hometown of the Pakistan People's Party (PPP) chairman, Bilawal Bhutto Zardari. After the nationwide rallies, members of the alliance say they will march towards Islamabad in January.
In response to Senator Khan's expression of willingness to engage in talks, Raja Zafarul Haq, chairman of the opposition Pakistan Muslim League-Nawaz (PML-N), told Arab News that "there is absolutely no chance of any negotiations with the government."
"We are proceeding ahead as per our plan to mobilize the public, and will be using all other democratic and constitutional rights as well to dislodge the government," he said, adding that the opposition alliance can bring a no-confidence motion against the prime minister or tender en masse resignations from the assemblies to collapse the system.
"This government doesn't have a capacity and attitude to engage with the opposition to resolve the issues of public interest through dialogue," Haq said.
According to political analysts, however, there is little for the opposition to negotiate with the government if it demands new elections and dissolution of assemblies.
“Now the ball is in the opposition’s court. Will they be able to sustain their movement and bring enough people on streets to force the government to quit? It seems highly unlikely at this stage,” political analyst Zahid Hussain told Arab News.
He said the opposition movement will definitely put pressure on the government, which in turn may try to disrupt the rallies citing coronavirus fears.
“The government may detain some opposition leaders and try to disrupt their public rallies schedule under the pretext of coronavirus pandemic, so a kind of standoff may persist for some time,” Hussain added.


Pakistan plans up to $5 billion joint venture to redevelop Roosevelt Hotel in New York

Updated 5 sec ago
Follow

Pakistan plans up to $5 billion joint venture to redevelop Roosevelt Hotel in New York

  • The hotel, a century-old Manhattan property owned by Pakistan International Airlines, has been closed since 2020
  • The PM’s privatization adviser says the plan will boost the value of Pakistan’s stake even as its ownership share falls

KARACHI: Pakistan plans to redevelop its Roosevelt Hotel in New York into a high-rise building through a joint venture (JV) that could involve up to $5 billion in equity and debt financing, Prime Minister Shehbaz Sharif’s aide on privatization Muhammad Ali told Arab News on Friday.

The hotel, a century-old Manhattan property near Grand Central Terminal and Times Square, is one of Pakistan’s most valuable overseas assets and is owned by the state through Pakistan International Airlines.

Closed since 2020 due to losses, the hotel has been under review for years as successive governments have weighed whether to sell, lease or redevelop it while pursuing state-owned enterprise reforms linked to International Monetary Fund bailouts.

“The redevelopment project would require up to $5 billion equity and debt capital,” said Ali, who also chairs the Privatization Commission of Pakistan.

Ali said the government had decided against an outright sale of the property after a detailed study conducted last year showed the site could support a significantly larger structure, potentially rising to 60 stories.

“The redevelopment under the JV privatization model is expected to increase value of the property and thus Pakistan’s stake by more than 200 percent [in terms of value],” he continued.

Under the proposed joint venture structure, the government would contribute the land while a private partner would inject equity, with the remaining financing raised through debt, Ali said

He added that that while Pakistan’s economic interest in the project would rise, its ownership share would be reduced to about 50 percent once the transaction is completed.

He said a range of international players, including commercial banks and technology firms, had expressed interest in developing their own premises at the site, though he declined to identify potential partners.

Ownership of the hotel was recently transferred to PIA Holding Company Limited, the parent company of Pakistan International Airlines Corporation Limited, which the government privatized last month, with the airline now owned by a consortium led by the Arif Habib Group.

ADVISER RESIGNATION

Pakistan’s plans for the Roosevelt Hotel have faced repeated delays in recent years as authorities weighed competing options, including demolition, amid shifts in government policy.

On Dec. 24, a day after the PIA privatization, Defense Minister Khawaja Asif said the government was working on structuring a transaction for the New York property.

Meanwhile, a privatization ministry official said on condition of anonymity that the country’s financial adviser for the hotel’s sale, Jones Lang LaSalle Americas Inc. (JLL), has resigned due to a “conflict of interest.”

The official said JLL stepped down after the transaction structure was approved by the federal cabinet and the Competition Commission of Pakistan in July.

“The Privatization Commission will finalize the new adviser in the next four to six weeks,” he said, adding that expressions of interest will be issued after the new appointment is made.

Asked about the development, Ali said the new adviser would engage with potential joint venture partners on behalf of the government.