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Karachi’s Heatwave to End Tomorrow: PMD

Yousuf Yaseen -
Relief is on the way for Karachi residents, as the Pakistan Meteorological Department has forecast a drop in temperatures...

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Pakistan Assures IMF of PIA Sale by July

The government has assured the International Monetary Fund (IMF)...
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Karachi’s Heatwave to End Tomorrow: PMD

Relief is on the way for Karachi residents, as...
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RECENT

The government has assured the International Monetary Fund (IMF) that Pakistan International Airlines (PIA) will be sold by July. However, the fate of Roosevelt Hotel in New York remains undecided. The US government has prematurely terminated the $228 million lease agreement, which was supposed to last three years. This decision will result in a business loss of approximately $80 million. The IMF was informed that the Cabinet Committee on Privatisation (CCOP) will decide whether to sell the hotel or lease it under a joint agreement. Pakistan had leased the 1,025-room hotel to New York City’s Immigrant Housing Business in July 2023. The city government had been paying $210 per room for the third year, but now plans to end the agreement a year early. The CCOP previously expressed concerns that US immigration policies might affect the deal. Despite hiring financial advisors, including Jones Lang LaSalle Americas at a cost of Rs2.1 billion, the government has not finalized a privatisation plan. Read more: PIA Crash Survivor Shares Story of Resilience and Hope Regarding PIA, the Privatisation Ministry informed the IMF that the airline will be sold by July 2025. A previous privatisation attempt failed after a sole bidder offered only Rs10 billion against the Rs85 billion asking price. The government is currently assessing market interest before issuing an Expression of Interest (EOI) by the end of this month. Three bidders may participate, including two who previously withdrew due to tax and liability concerns. The IMF has agreed to relax those conditions, which may increase investor interest. The government also aims to privatise three power distribution companies—Faisalabad, Islamabad, and Gujranwala—by December. However, it has not yet decided whether to sell them together or separately. The UAE has expressed interest in acquiring First Women Bank Limited under a government-to-government agreement, with the deal expected by May. The government also plans to privatise Zarai Taraqiati Bank Limited (ZTBL) by November and sell the House Building Finance Company next month.

Pakistan Assures IMF of PIA Sale by July

Yousuf Yaseen -
The government has assured the International Monetary Fund (IMF) that Pakistan International Airlines (PIA) will be sold by July. However, the fate of Roosevelt...
Karachi’s Heatwave to End Tomorrow: PMD

Karachi’s Heatwave to End Tomorrow: PMD

Harvey Specter Makes His Long-Awaited Return in New 'Suits LA'

Harvey Specter Makes His Long-Awaited Return in New ‘Suits LA’

Lamborghini x Silver Cross Launches a £4,000 Luxury Baby Stroller

Lamborghini x Silver Cross Launches a £4,000 Luxury Baby Stroller

ATC Extends Armaghan’s Remand in Mustafa Amir Case

ATC Extends Armaghan’s Remand in Mustafa Amir Case

ramadan cook book: making the most of dates

Ramadan Cook Book: Making the Most of Dates

Petrol Prices in Pakistan May Drop by Rs15 Per Litre

Petrol Prices in Pakistan May Drop by Rs15 Per Litre

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