Pakistan and U.S. to Redevelop Iconic Roosevelt Hotel

Pakistan partners with the U.S. to redevelop New York's Roosevelt Hotel, a crucial part of Pakistan's privatization strategy within a $7 billion IMF program. A memorandum outlines collaboration on the hotel's operation, renovation, and redevelopment, aiming to maximize value and bolster economic ties between the two nations.

In a strategic move, Pakistan has partnered with the U.S. to jointly redevelop the historic Roosevelt Hotel in New York City, as stated by the Islamabad government on Thursday. This collaboration aims to unlock significant value from one of Pakistan's major overseas investments.

This endeavor is a pivotal component of Pakistan's $7 billion program agreed upon with the International Monetary Fund. The hotel, valued at over $1 billion, has remained closed since 2020 and is now targeted for redevelopment rather than outright sale. A memorandum of understanding, detailing plans for the hotel's operation, renovation, and redevelopment, was signed, marking an alignment with the government's privatization strategy while strengthening economic ties between Pakistan and the United States.

The U.S. General Services Administration is set to facilitate the project, although financial specifics remain undisclosed. This venture is part of broader economic engagement between Islamabad and Washington, including financial backing for Pakistan's Reko Diq project. The development underscores deepening economic relations, with Prime Minister Shehbaz Sharif currently attending the inaugural meeting of Trump's Board of Peace in Washington.

(With inputs from agencies.)