ISLAMABAD: Deputy Prime Minister Ishaq Dar has asked authorities to expedite privatization of Pakistan-owned Roosevelt Hotel in New York, Pakistani state media reported on Tuesday, amid Islamabad’s efforts to streamline its fragile $350 billion economy.
Roosevelt Hotel, a 19-story building located at a prime location in New York, was inaugurated in Manhattan on September 22, 1924. Named after the 26th President of the United States, Theodore Roosevelt, Pakistan’s national airline leased it in 1979 through the Pakistan International Airlines Investments Limited (PIA-IL).
The hotel closed its doors to guests in Dec. 2020 after the coronavirus pandemic shuttered the tourism industry worldwide. In 2023, New York City (NYC) administration struck a $220 million, three-year deal with PIA to convert the hotel into a shelter, as per a report in The New York Times.
On Tuesday, Dar presided over a meeting of Pakistan’s federal cabinet committee on privatization in Islamabad to review the progress of the ongoing privatization initiatives, including that of the Roosevelt Hotel in New York, the Radio Pakistan broadcaster reported.
“Deputy Prime Minister urged the Privatization Commission to fast track the privatization process of the Roosevelt Hotel,” the report read.
Roosevelt Hotel and PIA are among the main entities Pakistan is pushing to privatize as part of economic reforms undertaken by Islamabad under its loan agreements with the International Monetary Fund (IMF), with a $7 billion extended funds facility agreed in Sept. being the latest such bailout.
The development comes at a time when an IMF mission is visiting Pakistan to review the South Asian country’s progress on key IMF conditions as part of the first review of the $7 billion bailout. A successful review will result in the release of around $1 billion to Pakistan as second installment under the program.
Finance Minister Muhammad Aurangzeb last month said they were confident of meeting targets of the IMF program. Pakistan was able to build some trust with the IMF by completing a short-term, nine-month program last year.
Previous loan programs in Pakistan ended prematurely or saw delays after the governments at the time faltered on meeting key conditions. However, the government of Prime Minister Shehbaz Sharif is making rigorous efforts to boost trade and foreign investment in order to revive the country’s economy and end its reliance on foreign loans.
Deputy PM asks authorities to expedite privatization of Pakistan-owned Roosevelt Hotel in New York
https://arab.news/jzc58
Deputy PM asks authorities to expedite privatization of Pakistan-owned Roosevelt Hotel in New York
- The development comes at a time when an IMF mission is visiting Pakistan to review progress on its $7 billion bailout
- Islamabad is pushing for privatization of loss-making state entities as part of the conditions set by the global lender
Pakistan says repaid over $13.06 billion domestic debt early in last 14 months
- Finance adviser says repayment shows “decisive shift” toward fiscal discipline, responsible economic management
- Says Pakistan’s total public debt has declined from over $286.6 billion in June 2025 to $284.7 billion in November 2025
KARACHI: Pakistan has repaid Rs3,650 billion [$13.06 billion] in domestic debt before time during the last 14 months, Adviser to the Finance Minister Khurram Schehzad said on Thursday, adding that the achievement reflected a shift in the country’s approach toward fiscal discipline.
Schehzad said Pakistan has been repaying its debt before maturity, owed to the market as well as the State Bank of Pakistan (SBP), since December 2024. He said the government had repaid the central bank Rs300 billion [$1.08 billion] in its latest repayment on Thursday.
“This landmark achievement reflects a decisive shift toward fiscal discipline, credibility, and responsible economic management,” Schehzad wrote on social media platform X.
Giving a breakdown of what he said was Pakistan’s “early debt retirement journey,” the finance official said Pakistan retired Rs1,000 billion [$3.576 billion] in December 2024, Rs500 billion [$1.78 billion] in June 2025, Rs1,160 billion [$4.150 billion] in August 2025, Rs200 billion [$715 million] in October 2025, Rs494 billion [$1.76 billion] in December 2025 and $1.08 billion in January 2026.
He said with the latest debt repaid today, the July to January period of fiscal year 2026 alone recorded Rs2,150 billion [$7.69 billion] in early retirement, which was 44 percent higher than the debt retired in FY25.
He said of the total early repayments, the government has repaid 65 percent of the central bank’s debt, 30 percent of the treasury bills debt and five percent of the Pakistan Investment Bonds (PIBs) debt.
The official said Pakistan’s total public debt has declined from over Rs 80.5 trillion [$286.6 billion] in June 2025 to Rs80 trillion [$284.7 billion] in November 2025.
“Crucially, Pakistan’s debt-to-GDP ratio, around 74 percent in FY22, has declined to around 70 percent, reflecting a broader strengthening of fiscal fundamentals alongside disciplined debt management,” Schehzad wrote.
Pakistan’s government has said the country’s fragile economy is on an upward trajectory. The South Asian country has been trying to navigate a tricky path to economic recovery under a $7 billion loan from the International Monetary Fund.
