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Cash-Strapped Pakistan Leases Out New York Hotel; Aims To Generate USD 220 Million

admin — Wed, 07 Jun 2023 08:42:21 +0000

LAHORE: Pakistan has leased out its iconic Roosevelt Hotel in New York to the New York City Administration for three years, the cash-strapped government has announced, in a deal that will enable the country to earn up to USD 220 million. The Roosevelt Hotel, named after former US President Theodore Roosevelt, has been a prominent landmark in Manhattan, New York since 1924.

State-run Pakistan International Airlines (PIA) leased this prime property in 1979 and eventually purchased it two decades later. Under the contract, the New York City administration will operate for three years, providing residential facilities to migrants. “The lease agreement is expected to generate revenues to the tune of around USD 220 million for the Pakistan government,” Minister of Railways and Aviation Khawaja Saad Rafique announced during a press conference here on Monday.

“A contract was signed for 1,250 rooms. The hotel will be returned to the government of Pakistan once the three-year term lease expires,” he was quoted as saying by Geo TV. The hotel was shut during the pandemic in 2020, only to be reopened earlier this year to house migrants. The minister said the annual expenditures of the hotel were USD 25 million, with existing liabilities amounting to USD 20 million.

The leasing of the Roosevelt Hotel is part of the Pakistan government’s larger plans of resuscitating the country’s febrile economy. Cash-strapped Pakistan and the IMF have failed to reach a staff-level agreement on the much-needed USD 1.1 billion bailout package aimed at preventing the country from going bankrupt.

The funds are part of a USD 6.5 billion bailout package the IMF approved in 2019, which analysts say is critical if Pakistan is to avoid defaulting on external debt obligations. Pakistan, currently in the throes of a major economic crisis, is grappling with high external debt, a weak local currency and dwindling foreign exchange reserves enough to shore up for barely one month’s imports.

Pakistan’s inflation level rose by a whopping 36.4 per cent in the year in April, driven mainly by food prices. This is the highest in South Asia, and up from 35.4 per cent in March, according to the country’s statistics bureau.

Source: PTI

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Former Pakistan PM Zulfiqar Ali Bhutto’s Granddaughter Visits Hindu Temple After Nikkah, Netizens React

admin — Mon, 29 May 2023 08:44:57 +0000

Karachi: Fatima Bhutto, author, activist, and the granddaughter of Pakistan’s late prime minister Zulfiqar Ali Bhutto, set a new precedent by visiting a Hindu temple here after her marriage, stirring the social media with some users praising the gesture while others wondering what was she doing there. The intimate nikkah ceremony of Fatima, 40, niece of slain premier Benazir Bhutto and daughter of Murtaza Bhutto, took place at her grandfather’s library here on Friday.

Fatima and her husband, Graham Gibran stirred social media when they visited the ancient Mahadev Temple in Karachi on Sunday as a homage to Hindu Sindhis laying the roots of Karachi in ancient times.

Accompanied by her brother Zulfiqar Ali Bhutto junior and Hindu leaders at the temple, Fatima and her husband, a Christian, poured milk over the deity as per rituals.

The gesture received a mixed response after their picture hit social media.

“Lovely to watch such images,” a Twitter user commented on the picture.

“Lovely,” another user wrote.

But many wondered what she was doing in a Hindu temple.

“What is the essence of this rasam (ritual),” another Twitter user asked.

“So in Sindh secularism is to follow Hinduism,” another said.

Fatima’s brother in a tweet said that due to the difficult circumstances felt by our fellow countrymen and women, we all felt it would be inappropriate to celebrate lavishly.

“Please keep Fatima and Graham (Gibran) in your prayers,” he stated.

According to media reports, Fatima’s husband Graham is an American citizen.

The Bhutto family has remained a formidable force in Pakistan politics but has also been hit by tragedies.

Zulfiqar Ali Bhutto was hanged by the late military dictator Zia ul Haq in April 1979 after a military coup.

His eldest daughter, Benazir Bhutto who also served as premier, was assassinated in Rawalpindi in December 2007.

Her brother Murtaza Bhutto was also killed along with six other party activists in September 1996 near the Bhutto’s residence in Clifton by the police at a time when his sister was the prime minister.

Her younger brother Shahnawaz Bhutto was found dead in his apartment in France in 1985.

Source: PTI

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Pakistan Army Says Unrest Over Imran Khan’s Arrest A ‘Black Chapter’, Warns Of Strong Action

admin — Thu, 11 May 2023 05:33:51 +0000

Islamabad: The Inter-Services Public Relations (ISPR), the media wing of the Pakistan Army, has termed the events that unfolded on May 9 as a “black chapter” in the country’s history, according to The Express Tribune. The ISPR in a statement issued in Urdu on Wednesday referred to the protests that were held after the arrest of former Pakistan Prime Minister Imran Khan. The ISPR said that the protests particularly targeted army property and installations.

In a strongly-worded statement, the military’s media wing asserted that no one will be allowed to take the law into their own hands. Citing the National Accountability Bureau (NAB) statement and law, the ISPR justified the arrest of Pakistan Tehreek-e-Insaf (PTI) chairman Imran Khan, as per the news report.

ISPR said that there was a wave of attacks witnessed on the army’s properties and installations along with anti-army slogans being chanted following the arrest of Imran Khan. It condemned those actions and raised its concerns regarding the tactics used by certain elements within the protesting groups.

“Soon after [Khan’s arrest], there were organised attacks on army properties and installations and anti-army slogans were raised,” the military’s media wing said according to The Express Tribune report.

The ISPR criticised the protesters and termed their actions as an attempt to manipulate the country’s sentiments for their own limited and selfish objectives. The military wing said, “This is an example of hypocrisy. It stressed on the importance of maintaining law and order and highlighted the need to respect the institutions of Pakistan, according to The Express Tribune report.

According to the statement, the army has shown extreme tolerance, patience, and restraint and has worked with utmost patience and endurance in the best interests of the country. The ISPR in the statement said, “As per the strategy, a situation was created to use the army’s response for nefarious political purposes which was thwarted by the army’s vigilant response.”

It further said, “We are well aware that behind this, there were some orders, instructions, and complete planning of some nefarious leaders of the party.” The ISPR said that those involved in facilitating, planning and political instigation have been identified and strict action as per the law will be taken against them. The ISPR warned that “strong and decisive action” will be taken in the event of any further attacks on military and state installations, as per the news report.

Attack and vandalism by PTI workers have been reported in PAFMM Alam Air Base Mianwali, The Pakistan Daily reported in a tweet. Several violent protests erupted across Pakistan including at the General Headquarters (GHQ) in Rawalpindi and the residence of the Corps Commander in Lahore, which was once the house of Mohammed Ali Jinnah, following the arrest of former prime minister Imran Khan on Tuesday afternoon.

People took to the streets, resorted to violence, arson and even raised many slogans to register their resentment against the arrest of ex-PM of Pakistan and PTI chief Imran Khan, across Pakistan including Lahore, Rawalpindi, Islamabad, Faisalabad, Karachi, Quetta, Mardan, Bannu, and Chilas.

The protesting mob resorted to stone pelting on houses, offices and vehicles, burning banners and tyres and blocking roads. Several videos surfacing on social media platforms show groups of men, some with their faces covered, entering the gated premises of GHQ with sticks, which they later were seen using to hit the walls.

Source : Zee News

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