Pakistan is in danger of defaulting this month, and if it does not get a loan from IMF this month, Pakistan will default.
At the same time, to avoid default, Pakistan has started mortgaging its real estate. According to the latest reports, Pakistan has leased its prestigious Roosevelt Hotel in New York to the New York City Administration for three years. Is.
The Government of Pakistan has officially announced giving Roosevelt Hotel on lease for 3 years and said that under this deal, Pakistan is trying to raise around 18 billion (Indian Rupees) in 3 years.
Let us tell you that the Roosevelt Hotel in New York is named after former US President Theodore Roosevelt and was built in the year 1924 in Manhattan, New York.
1978 Pakistan Airlines took this hotel on lease from its owner Hotel Corporation of America. After 20 years, in 2000, Pakistan International Airlines and Prince Faisal bin Khalid bin Abdulaziz Al Saad bought this hotel.
The Roosevelt Hotel At Lees
According to the contract signed between the Government of Pakistan and the New York City Administration, it will take care of the hotel for the next three years. This was announced by Pakistan’s Railway and Aviation Minister, Khawaja Saad Rafiq, during a press conference.
He added that “the lease agreement is expected to generate revenue of approximately USD 220 million for the Government of Pakistan.”
Geo TV quoted him as saying, “A contract has been signed for 1,250 rooms. The hotel will be returned to the Pakistan government after the three-year lease expires.”
Let us tell you that the hotel was closed during the Kovid epidemic in 2020, and it was reopened earlier this year. The Pakistani minister said that “the annual expenditure of the hotel is USD 25 million, of which the current liabilities amount to USD 20 million.”
Leasing the Roosevelt Hotel is part of the Pakistan government’s larger plans to revive the country’s economy. Cash-strapped Pakistan and the IMF have failed to reach a staff-level agreement on a US$1.1 billion bailout package to save the country from bankruptcy.
Pakistan faces a major economic crisis; high foreign debt, weak local currency, and dwindling foreign exchange reserves have brought it to bankruptcy. Now, Pakistan has lost its ability to import.
