Financial adviser to be appointed next month as govt retains ownership under new transaction model while a private partner will arrange financing for redevelopment.
Pakistan government is preparing to secure between $4 billion and $5 billion in joint investment for the redevelopment of the Roosevelt Hotel in New York and plans to appoint a financial adviser by the first week of next month to structure the transaction, The News reported.
Adviser to the Prime Minister on Privatisation Muhammad Ali said the selected adviser will design the financial and legal framework for reconstruction of the property. He stated that under the proposed model, Pakistan will retain ownership of the hotel while a private partner will arrange financing for redevelopment.
He said the objective is to generate long-term returns from the asset instead of selling it outright.
Speaking at the Pakistan Governance Forum organised by the Ministry of Planning, Deputy Prime Minister and Foreign Minister Ishaq Dar said Pakistan is pursuing tailored cooperation with partner countries. He said relations with China have expanded under CPEC-II, while engagement with the United States has progressed in trade, technology, investment and regional stability.
On regional developments, he said Pakistan is engaging diplomatically to ease tensions between the United States and Iran. He stated that he has been in contact with senior officials from both sides to encourage dialogue and diplomatic engagement.
At the same forum, Planning Minister Ahsan Iqbal said Pakistan faces a choice between reaching a $600 billion economy by 2035 under current growth trends or achieving a $1 trillion economy through accelerated reforms and improved governance.
He said sustained reforms, national cohesion and effective policy implementation would determine the country’s long-term economic trajectory.
