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Pakistan and the U.S. agree to redevelop New York’s Roosevelt Hotel, part of Pakistan’s IMF-backed reforms.
Pakistan and the U.S. have signed a memorandum of understanding to jointly redevelop the closed Roosevelt Hotel in New York, a century-old property owned by Pakistan International Airlines.
The agreement, part of Pakistan’s $7 billion economic reform program backed by the IMF, aims to maximize the asset’s value through a time-bound assessment of technical, commercial, and economic factors.
The U.S. General Services Administration is involved despite its typical role in managing federal property, and the project seeks to strengthen bilateral economic ties amid ongoing U.S. support for a mining project in Balochistan.
Financial details and the legal basis for the GSA’s role remain unclear, and no immediate comment was provided by either country’s officials.
Pakistán y los EE.UU. están de acuerdo para reconstruir el Hotel Roosevelt de Nueva York, parte de las reformas respaldadas por el FMI de Pakistán.