Pakistan Sets Privatization Targets for IMF Tranche
ISLAMABAD: Pakistan has accelerated its privatization agenda as part of efforts to secure the fourth tranche of $1 billion under the $7 billion program with the International Monetary Fund, the official sources said.
In this connection, key developments include renewed focus on major state-owned assets, particularly the Roosevelt Hotel in New York, owned by Pakistan International Airlines Holding Company. The authorities have decided to fast-track the privatization process of the property.
Officials from the Privatization Commission of Pakistan said the appointment of a financial adviser for the hotel transaction will be finalized after Eid al-Fitr.
US Interest and Joint Venture Plans
The official sources revealed that the United States administration has expressed interest in the Roosevelt Hotel, even proposing investment in the building’s redevelopment. The government of Pakistan is currently evaluating the option of entering into a joint venture with US partners.
Officials noted that redevelopment could significantly enhance the value of the multi-story property. An MoU has already been signed between Pakistan and the United States, and both sides are expected to prepare a joint plan for the hotel’s future.
The collaboration would cover operations, maintenance, renovation, and development, while also helping Pakistan navigate legal and regulatory challenges more effectively.
The Roosevelt Hotel is among 24 state-owned entities included in Pakistan’s broader privatization program.
Islamabad Airport Outsourcing Plan
In another major move, the government has decided to outsource operations of Islamabad International Airport within the next few months.
Under the plan, airport management will be handed over to a private consortium, with the aim of improving efficiency and transforming Islamabad into an alternative regional hub for Gulf countries.
Background
Pakistan’s privatization push is closely tied to its commitments under the IMF program, which requires structural reforms, including reducing the financial burden of state-owned enterprises and attracting foreign investment.
Officials say these steps are critical to stabilizing the economy and unlocking further international funding.
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