ISLAMABAD: Privatisation targets have been set for the fourth $1 billion tranche of Pakistan’s $7 billion program with the International Monetary Fund (IMF), officials said.
The government has decided to accelerate the privatisation of the Roosevelt Hotel in New York, owned by PIA Holding Company. Sources in the Privatisation Commission said the appointment of a financial advisor will be completed after Eid al-Fitr.
The US administration has expressed interest in the Roosevelt Hotel. American officials have proposed investing in the building’s renovation. Pakistan is reviewing a potential joint venture with the US government.
Privatisation Commission sources said the hotel’s renovation could significantly increase the value of the multi-story property. A memorandum of understanding (MoU) has already been signed between Pakistan and the US, outlining a joint plan for the hotel’s operations, maintenance, refurbishment, and development.
The first list of entities for privatisation includes Faisalabad, Gujranwala, and Islamabad Electric Companies, officials said. The move is expected to reduce legal and regulatory hurdles. The Roosevelt Hotel is part of a 24-entity privatisation programme.
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Plans are also underway to outsource Islamabad International Airport in the coming months. Officials said the airport could be developed as an alternative hub for Gulf countries. Its management will be handed over to a private consortium.
This privatisation push marks a key milestone in Pakistan’s IMF program and efforts to attract foreign investment while reforming state-owned assets.
