Why Cash Strapped Pakistan Signed U.S. Pact to Redevelop NYC’s Roosevelt Hotel

Описание: Cash strapped Pakistan has entered into a redevelopment agreement with the United States for Manhattan’s iconic The Roosevelt Hotel, a property owned by Pakistan International Airlines. Closed since 2020, the century old hotel had temporarily served as a migrant shelter before being vacated.

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Instead of selling the asset outright, Pakistan opted for a joint redevelopment strategy aimed at extracting maximum value from the property, which it estimates to be worth over one billion dollars. The agreement was negotiated by US special envoy Steve Witkoff under the leadership of Donald Trump and aligns with Islamabad’s commitments under its seven billion dollar programme with the International Monetary Fund.

The deal could open doors to American real estate expertise, improved financing opportunities, and enhanced bilateral economic ties. For Pakistan, struggling with fiscal constraints and IMF mandated reforms, the project represents an effort to monetise valuable state assets while stabilising its fragile economy.

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