Pakistan-owned Roosevelt Resort shut since 2020, key to IMF-backed asset plan value over $1b
A view of The Roosevelt Resort in midtown Manhattan in New York Metropolis, US, February 24, 2025.PHOTO: REUTERS
Pakistan signed a take care of the US authorities on Thursday to collectively redevelop New York’s Roosevelt Resort, permitting Islamabad to unlock the worth of certainly one of its most prized abroad investments.
The century-old resort, owned by Pakistan Worldwide Airways, has been closed since 2020 and is central to Islamabad’s Worldwide Financial Fund-backed asset restructuring, which the federal government has beforehand estimated could possibly be value greater than $1 billion.
The 2 nations signed the memorandum at the moment after Prime Minister Shehbaz Sharif’s cupboard authorized the method.
The Governments of Pakistan and the US have formally launched a strategic financial initiative, together with collaboration with the U.S. Basic Companies Administration (GSA) concerning the operation, upkeep, renovation, and redevelopment of the Roosevelt Resort in New… pic.twitter.com/p0Gix5TLFX
— Ministry of Finance, Authorities of Pakistan (@Financegovpk) February 19, 2026
Reuters noticed a doc displaying a cupboard abstract stating that the prime minister cleared the proposal by authorising the Ministry of Defence to signal the non-binding memorandum with the US Basic Companies Administration (GSA), as a part of efforts to boost bilateral and business relations.
The defence and privatisation ministries didn’t reply to a request for remark. The White Home and the US Embassy in Islamabad additionally didn’t instantly reply to requests for remark.
The settlement comes as Pakistan deepens financial engagement with Washington, together with US financing assist for the Reko Diq copper and gold mining undertaking in Balochistan, partly owned by Barrick Gold.
Learn Extra: SBP flags delay in Roosevelt mortgage
PM Shehbaz is at the moment in Washington to attend the inaugural Board of Peace assembly.
The memorandum, seen by Reuters, says the undertaking “shall be facilitated by the US Basic Companies Administration and by the Pakistan Ministry of Defence”, and can cowl the “renovation, operation, upkeep and redevelopment” of the property close to Grand Central Terminal. It doesn’t specify monetary phrases.
The US Basic Companies Administration primarily manages federal property and procurement for US authorities businesses, and its publicly said mandate doesn’t usually embrace business redevelopment of overseas state-owned belongings. It was not instantly clear underneath what authority the company would facilitate the undertaking.
