On March 9, 2025, Pakistan’s government committed to the International Monetary Fund (IMF) to sell Pakistan International Airlines (PIA) by July. However, the future of New York’s Roosevelt Hotel is uncertain after the U.S. terminated its $228 million lease a year early.
Sources revealed that officials briefed the IMF on a stalled privatization initiative and outlined plans to sell five to seven entities, including Pakistan International Airlines (PIA), Zarai Taraqiati Bank Limited (ZTBL), and three power firms, amidst the push for PIA’s privatization.
PIA and Roosevelt Hotel Updates
PIA’s sale, targeted for July 2025, follows a botched bid where a real estate developer’s Rs10 billion offer fell far short of the Rs85 billion floor, prompting a market vibe check before new invites this month.
Read: Pakistan Supreme Court Revokes Order Against PIA Privatization
The Roosevelt Hotel, a PIA gem in New York’s top 1% property tier, faces a fork: sell or lease? Its 1,025-room lease to New York City for immigrant housing at $210/room ends July, costing $80 million. Trump’s anti-immigration stance spooked the deal, and despite an Rs2.1 billion advisor (Jones Lang LaSalle), the Cabinet Committee on Privatisation (CCOP) wavered, eyeing open bidding after Saudi interest fizzled.
ZTBL’s sale is slated for November, with the UAE eyeing First Women Bank by May via a government deal, bypassing bids. Three power distributors Faisalabad, Islamabad, and Gujranwala aim for December, though the IMF flagged their debt. No generation firms are up this year, but the PIA Privatization and beyond hinge on incentives like tax waivers and European routes. Will this second shot stick, or falter like the first?
