ISLAMABAD: The Pakistani government on Thursday approved $8 million to pay severance packages of the Pakistan International Airlines-owned Roosevelt Hotel in New York, Pakistani state media reported, amid the South Asian country’s push for privatization of state entities.
The development came at an ECC meeting presided over by Finance Minister Muhammad Aurangzeb, during which the Ministry of Aviation presented a summary to allow the utilization of $8 million available with National Bank of Pakistan to pay severance packages of the establishment.
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).
Saudi Prince Faisal bin Khalid bin Abdulaziz Al-Saud was also one of the investors in the 1979 investment deal, though the PIA decided to buy the hotel for $36.5 million in 1999 and later struck a deal with its Saudi partner in 2005 to buy his share in the property as well.
“The Economic Coordination Committee (ECC) of the Cabinet on Thursday approved $8 million to pay severance packages and operational expenses of the Roosevelt Hotel,” the state-run APP news agency reported.
In 2021, the government of then prime minister Imran Khan had allowed the release of $27.3 million for the payment of liabilities accumulated by the hotel, which permanently closed its door on October 31, 2020, after remaining operational since 1924.
A year earlier, it had also approved $142 million for the PIA-IL last year to meet the hotel’s financial challenges.
The $8 million severance grant comes amid Pakistan’s push for privatization and reforms in state-owned enterprises (SOEs) as it negotiates with the International Monetary Fund (IMF) a fresh bailout program, for which Islamabad must implement an ambitious reforms agenda, including the privatization of debt-ridden SOEs.
Among the main entities Pakistan is pushing to privatize is its national flag carrier, the Pakistan International Airlines (PIA), while the government is putting on the block a stake ranging from 51 percent to 100 percent.
The South Asian country, which has been facing low foreign exchange reserves, currency devaluation and high inflation, last month completed a short-term $3 billion IMF program that helped stave off a sovereign default, but the government of Prime Minister Shehbaz Sharif has stressed the need for a fresh, longer-term program to keep the $350 billion economy afloat.
Pakistan approves $8 million to pay severance packages of PIA-owned Roosevelt Hotel in New York
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Pakistan approves $8 million to pay severance packages of PIA-owned Roosevelt Hotel in New York
- Pakistan’s national airline bought the Roosevelt Hotel in 1999 for $36.5 million
- Islamabad is pushing for privatization of state entities for a fresh IMF bailout
Pakistan calls for stronger agricultural and food security cooperation with Egypt
- Pakistan’s food security minister praises Egypt for arid farming and climate-smart technologies
- He also acknowledges Egypt’s support on global issues and cooperation at multilateral forums
KARACHI: Pakistan on Thursday called for enhanced collaboration with Egypt in agricultural science, biotechnology and food security, citing Egyptian expertise in climate-smart technologies and arid farming during a ceremony held in Islamabad.
Federal Minister for National Food Security and Research Rana Tanveer Hussain represented Prime Minister Shehbaz Sharif at the event marking Egypt’s National Day, which brought together diplomats, government officials and members of the business community.
“Referring to Egypt’s impressive progress in agricultural development, the Minister called for enhanced collaboration in areas such as agricultural science, seed development, arid farming, capacity building, drip irrigation and climate-smart technologies, where Egypt has notable expertise,” said an official statement issued after the ceremony.
“Hussain emphasized the importance of joint initiatives in food security, biotechnology and sustainable agricultural practices,” it continued.
“He said that Pakistan and Egypt’s shared experience in managing water-scarce environments offers an opportunity for meaningful partnerships between research institutions and private sectors in both nations.”
The minister acknowledged Egypt’s support to Pakistan on regional and international matters and praised the ongoing cooperation at multilateral forums such as the Organization of Islamic Cooperation (OIC) and the United Nations.
Noting the revival of the Pakistan–Egypt Joint Ministerial Commission (JMC), Hussain said both governments are working to finalize new bilateral agreements in trade, agriculture, higher education and cultural exchange.
Egypt’s agricultural sector is on an upward trajectory and has witnessed a strong export performance, though environmental constraints remain a concern.
Pakistan eyes ‘multibillion-dollar benefits’ as it plans direct ferry link to Oman
- Pakistani minister says Oman can boost regional ties via maritime corridor to South and Central Asia
- He proposes boosting bilateral trade through improved port infrastructure and closer cooperation
KARACHI: Pakistan and Oman have agreed to deepen maritime cooperation, including launching a direct ferry service between Gwadar and the Sultanate, in a move that Islamabad says could unlock billions of dollars in trade, investment and transit revenue.
The development follows a high-level meeting on Thursday between Pakistan’s Minister for Maritime Affairs Muhammad Junaid Anwar Chaudhry and Oman’s Ambassador Fahad bin Sulaiman bin Khalaf Al Kharusi.
Both officials emphasized the need to boost maritime connectivity and capitalize on their long-standing economic and cultural ties.
“Minister Junaid Chaudhry underscored the economic potential of launching a direct ferry service from Gwadar to Oman, projecting multi-billion-dollar benefits in trade expansion, investment inflows and transit revenue,” said an official statement issued after the meeting.
“He stated that Pakistan stands to earn an estimated $10–15 billion annually through Gwadar’s maritime operations, while Oman could establish a maritime corridor to South and Central Asia, significantly enhancing its regional connectivity,” it added.
Earlier this week, the government announced its plan to launch a ferry service connecting Gwadar Port, a centerpiece of the China-Pakistan Economic Corridor (CPEC), to the Gulf Cooperation Council countries, aiming to strengthen regional ties, improve passenger movement and access new markets across the Middle East.
Pakistan’s minister of maritime affairs said his country’s exports to Oman stood at $224 million in 2024, and stressed the need to scale this up through improved port infrastructure and bilateral collaboration.
As part of long-term cooperation, he also offered maritime training and education opportunities for Omani students at the Pakistan Marine Academy.
The Omani ambassador welcomed the proposals and emphasized the importance of expanding cultural and commercial ties.
He acknowledged the positive contributions of the Pakistani diaspora to Oman’s development and noted that Urdu was widely understood in his country, reflecting strong social bonds between the two nations.
Tensions rise for Imran Khan’s party as Punjab speaker signals opposition disqualifications
- Malik Ahmad Khan says lawmakers violating constitution have no place in the provincial assembly
- KP Governor Faisal Kundi has also hinted at a no-trust move against PTI-backed CM Gandapur
ISLAMABAD: Political temperatures rose on Thursday as Speaker of the Punjab Assembly, Malik Ahmad Khan, suggested opposition lawmakers backed by Pakistan’s jailed former Prime Minister Imran Khan could be disqualified from the provincial legislature.
Earlier, the speaker had suspended the membership of 26 lawmakers supported by the former premier’s Pakistan Tehreek-e-Insaf (PTI) party for 15 sessions following chaotic scenes during Chief Minister Maryam Nawaz’s speech during budget proceedings last month.
However, the issue of their disqualification gained traction a day after PTI announced a nationwide protest movement against the government in response to a Supreme Court ruling that denied the party reserved seats for women and minorities in national and provincial legislatures.
“Lawmakers violating the Constitution have no right to remain part of the provincial assembly,” the speaker told reporters on Thursday.
He maintained creating disruption in an assembly was wrong for any political party.
“I will fight this case to uphold the Constitution,” he continued. “I have exercised restraint for over a year and a half as speaker … I now have to fulfill my responsibilities as speaker.”
Last month, Pakistan’s top court upheld a verdict by the Peshawar High Court, ruling that the PTI was not entitled to reserved seats for women and minorities in national or provincial assemblies. The Supreme Court’s constitutional bench ruled that since PTI candidates had contested the February 8 general elections as independents after losing their electoral symbol, they could not claim reserved seats under proportional representation.
The fallout from the Supreme Court verdict has also rattled the PTI’s traditional power base in Khyber Pakhtunkhwa (KP) province where the party managed to form its government.
KP Governor Faisal Karim Kundi, who represents the federal government, has warned that a no-confidence motion could be tabled against PTI-backed Chief Minister Ali Amin Gandapur, a close aide of the jailed former prime minister.
Gandapur, however, has dismissed concerns about his government’s stability, saying there is no constitutional way to remove him from office.
European climbers complete rare alpine-style ascent of Nanga Parbat’s deadly Rupal face
- German climber David Göttler paraglided from near the summit in a daring solo descent
- Nanga Parbat is infamous for its high fatality rate, earning it the nickname ‘Killer Mountain’
ISLAMABAD: Three European climbers achieved a rare feat on one of the world’s most dangerous peaks, scaling the treacherous Rupal face of Nanga Parbat in alpine style, with one of them paragliding down from near the summit in a daring solo descent earlier this week.
German climber David Göttler was joined by French mountaineers Tiphaine Duperier and Boris Langenstein for the climb via the Schell route, a steep and rarely successful line up the mountain’s massive southern wall. The Rupal face, rising nearly 4,600 meters from base to summit, is considered the world’s highest mountain face and among the most technically demanding.
“Sometimes you need to be patient … It’s taken five attempts, but now that I’ve achieved it, I know it’s all been worthwhile,” Göttler wrote in a social media post on Tuesday, describing his 12-year pursuit of the route.
He said summiting with his teammates in alpine style was “incredible,” and added that being able to fly down from around 7,700 meters to base camp in the same day took his joy “to the next level.”
Unlike traditional expedition climbing, alpine style involves climbing in a single push without establishing fixed ropes or pre-stocked camps, requiring climbers to carry all their gear. The approach demands speed, efficiency and a high degree of skill, especially at high altitude.
“It’s been a long time since an expedition has successfully summited from the Rupal side,” Naiknam Karim, CEO of Adventure Tours Pakistan, which facilitated the expedition’s logistics, told Arab News over the phone. “Normally, people climb from the Diamir face.”
“What makes this climb special is that they did it in alpine style ,” he continued. “What’s even more remarkable is that Göttler paraglided down from the summit. So, that’s his special achievement.”
Nanga Parbat, the world’s ninth-highest peak at 8,126 meters, is infamous for its difficulty and high fatality rate, earning it the nickname “Killer Mountain.”
Over 100 climbers and porters have died on its slopes, with the Rupal face considered particularly unforgiving due to avalanche risk and exposure to extreme weather.
Pakistan pushes ahead with agri bank privatization under IMF-backed reform plan
- The Privatization Commission Board appoints financial advisers for the sale of Zarai Taraqiati Bank
- An official statement mentions ZTBL among the priority transactions in the privatization pipeline
KARACHI: The government on Thursday appointed a consortium of financial advisers for the sale of Zarai Taraqiati Bank Limited (ZTBL), a state-owned agricultural lender, according to an official statement.
The decision, made during a meeting of the Privatization Commission (PC) Board chaired by Muhammad Ali, Adviser to the Prime Minister, signals the government’s intent to fast-track key transactions under its broader economic reform program.
The board approved the selection of a consortium led by Next Capital Limited, which ranked highest among six qualified bidders.
“ZTBL is among the priority transactions in the current privatization pipeline. The appointment of a top-tier consortium of FAs [financial advisers] reflects the government’s strong commitment to executing the process in a professional, transparent and timely manner,” the Privatization Commission said in a statement.
Pakistan’s privatization program, long encouraged by the International Monetary Fund (IMF) under various loan arrangements, is aimed at reducing fiscal losses from poorly performing state-owned enterprises (SOEs), improving governance and boosting private sector participation.
The IMF has repeatedly called for structural reforms, including divestment from commercial entities, to ease pressure on public finances and strengthen the country’s economic outlook.
Alongside the appointment, the PC Board also approved the formation of a Negotiation Committee to finalize the Financial Advisory Services Agreement (FASA) with the selected consortium.
Other shortlisted bidders included major consortiums led by Arif Habib Limited, A.F. Ferguson, AKD Securities, Bridge Factor and JS Bank.
ZTBL provides agricultural credit and rural banking services across Pakistan.
Its privatization is seen as part of a broader effort to reform the financial sector and reduce the state’s commercial footprint.
