Latest news with #AribaShahid
Yahoo
10-07-2025
- Business
- Yahoo
Pakistan eyes $1 billion valuation in Roosevelt Hotel redevelopment plan, source says
By Ariba Shahid KARACHI (Reuters) -Pakistan is seeking a valuation of at least $1 billion for the Roosevelt Hotel it owns in New York and is ready to part with a minority stake in the prime Manhattan property as it scouts for a redevelopment partner, a senior government official said. Named after former U.S. President Theodore Roosevelt, the century-old property in midtown Manhattan is seen as one of Pakistan's most valuable foreign assets, which it acquired in 2000. Faced with mounting losses, the over 1,000 room hotel was shut in 2020, and has also operated briefly as a migrant shelter. As part of the government's $7 billion IMF-backed privatisation push, Pakistan's government approved a "transaction structure for the Roosevelt Hotel" on Tuesday , saying it won't do an outright sale but has decided to adopt a joint venture model to maximize long-term value. It gave no further details. The senior Pakistani official said the government will retain ownership in the project through an equity partnership, but declined to disclose the size of the stake being offered to any potential JV partner. The official declined to be named since the process is confidential. JLL, or Jones Lang LaSalle, will run the process and the government is eyeing a valuation of over $1 billion for the 42,000 square feet property it hopes could be redeveloped for residential-cum-office use, the official said. "It is among the best pieces of land in NY real estate ... The process begins immediately and is expected to be completed in the next six-nine months," said the official. Pakistan's Privatisation Ministry and state-owned Pakistan International Airlines (PIA), which owns the hotel through its investment arm, did not respond to request for comments, and neither did JLL. Pakistan this week also approved four parties to bid for a stake in debt-ridden PIA. The hotel is located near marquee New York destinations such as Grand Central Terminal, Times Square, and Fifth Avenue, placing it in one of Manhattan's most valuable commercial zones. Pakistan's government is estimating the redevelopment will take 4–5 years, the official said, adding the "interest level is extremely high." In June, the government said it expects $100 million in the initial payment from the joint-venture partnership by June 2026.
Khaleej Times
01-07-2025
- Business
- Khaleej Times
Pakistan June inflation rises 3.2% year on year, in line with ministry forecast
Pakistan's consumer price inflation rose 3.2% year-on-year in June, the statistics bureau said on Tuesday, broadly in line with the finance ministry's projection of 3% to 4% issued a day earlier. On a month-on-month basis, prices increased 0.2% in June, reversing a 0.2% decline in May. The data comes after Pakistan's central bank kept its key interest rate unchanged at 11% in June. The State Bank of Pakistan (SBP) said in its latest monetary policy statement that inflation was expected to show some near-term volatility but gradually stabilise within the 5% to 7% target range. The figures also come weeks after Pakistan unveiled its annual budget, which included new revenue measures and subsidy cuts as part of efforts to secure a long-term loan programme from the International Monetary Fund (IMF). Analysts have warned that higher energy and tax costs could stoke inflation in the second half of the year. Pakistan's stock exchange rose 2.3% on the day to close at an all-time high of 128475.7 points, on Tuesday, the first day of the new fiscal year. (Reporting by Ariba Shahid in Karachi; Editing by Andrew Heavens)
Zawya
23-05-2025
- Politics
- Zawya
Pakistan extends airspace ban for Indian airlines until June 24
Pakistan extended its airspace closure for all Indian-owned or Indian-operated airlines until 4:59 a.m. local time on June 24, the Pakistan Airports Authority said in a statement on Friday. The restriction applies to "all aircraft registered, operated, owned, or leased by India" and includes Indian military aircraft, the authority said in a statement. The move extends restrictions first imposed last month amid continuing tensions between the two nuclear-armed neighbours. (Reporting by Ariba Shahid in Karachi; Writing by Surbhi Misra; Editing by Toby Chopra in New Delhi)
RNZ News
16-05-2025
- Politics
- RNZ News
What is the Indus Waters Treaty between India and Pakistan?
By Sarita Chaganti Singh and Ariba Shahid A view of a dry path of Indus River in Jamshoro and Kotri district in Hyderabad, Pakistan, on 6 May, 2025. Photo: AFP India suspended its participation in the Indus Waters Treaty with Pakistan last month after the killing of 26 civilians in Kashmir, which New Delhi blames on Islamabad. Pakistan denies the charges, which led to the worst fighting between the countries in decades before a ceasefire was agreed last week. The treaty had survived three wars and other conflicts between the bitter rivals, while withstanding many twists and turns in diplomatic ties. Reuters reported on 16 May that Delhi is considering projects that would likely reduce the flow of water into Pakistan from rivers allocated to that country. India says it will "keep the treaty in abeyance until Pakistan credibly and irrevocably abjures its support for cross-border terrorism," while Islamabad says "any attempt to stop or divert the flow of water belonging to Pakistan" will be an "act of war." The nuclear-armed neighbours disagree over use of the water from rivers that flow downstream from India into the Indus river basin in Pakistan. The use of the water is governed by the Indus Waters Treaty, which was mediated by the World Bank and signed by the neighbours in September 1960. The agreement split the Indus and its tributaries between the two countries and regulated water sharing. India was granted the use of water from three eastern rivers - Sutlej, Beas and Ravi - while Pakistan was granted most of the three western rivers - Indus, Jhelum and Chenab. There is no provision in the treaty for either country to unilaterally suspend or terminate the pact, which has clear dispute resolution systems. The countries have argued over and disputed several projects on the Indus and its tributaries for years. Pakistan is heavily dependent on water from this river system for its hydropower and irrigation needs. Pakistan says India unfairly diverts water with the upstream construction of barrages and dams, a charge India denies. Pakistan is concerned that India's dams will cut flows on the river, which feeds 80 percent of its irrigated agriculture. It has asked for a neutral expert and then an arbitration court to intervene in two recent hydropower projects. India has accused Pakistan of dragging out the complaints process, and says the construction of its Kishanganga and Ratle hydroelectric projects is allowed under the treaty. It has also sought modification of the pact to get around such delays. The suspension of the accord is not expected to have an immediate impact on the flow of water to Pakistan as India does not have enough storage capacity. However, water at a key receiving point in Pakistan briefly fell by as much as 90 percent in early May after India started maintenance work on some Indus projects. India's move could also bring uncertainty to Pakistan's agricultural system. The suspension means India can stop sharing crucial information and data on release of water from barrages/dams or on flooding, Indian officials said, adding that New Delhi will also not be obliged to release minimum amounts of water during the lean season. Pakistan says the treaty is a binding international agreement brokered by the World Bank and contains no provision for unilateral suspension. Ghasharib Shaokat, the head of product at Pakistan Agriculture Research, called the treaty the backbone of the country's agriculture sector. "It puts our agricultural future on shaky ground. If water flows become erratic, the entire system takes a hit - especially irrigation-dependent crops such as wheat, rice, and sugarcane," Shaokat said. "Yields could drop. Costs could rise. Food prices would likely spike. And small-scale farmers, who already operate on thin margins, would bear the brunt of it." Khalid Hussain Baath, chairman of a national farmers' union in Pakistan, painted the move as an act of belligerence. "This is a true war," Baath said from Lahore. "We already have a water shortage because of climate change. Low rainfall this year, and limited snow means that the water level is already 20-25 percent lower than last year." - Reuters
Yahoo
12-05-2025
- Business
- Yahoo
Pakistan finance minister: conflict with India won't have large fiscal impact
By Ariba Shahid and Charlotte Greenfield KARACHI/ISLAMABAD (Reuters) -The recent military escalation with arch-rival India won't have a large fiscal impact on Pakistan and can be managed within the current fiscal space, with no need for a new economic assessment, Pakistan's Finance Minister said in an interview with Reuters on Monday. Trade talks with the United States – which had played a key role mediating a ceasefire between the two countries – would likely have progress in 'short order' and that Pakistan could import more high-quality cotton, more soy beans and was also exploring other asset classes, including hydrocarbons, Finance Minister Muhammad Aurangzeb said in the online interview. On Monday, U.S. President Donald Trump said the U.S. is ready to help India and Pakistan after a ceasefire agreement, claiming trade was a big reason they "stopped fighting". Pakistan faces a 29% tariff on exports to the US due to an approximate $3 billion trade surplus, but this is currently under a 90-day pause announced in April. The International Monetary Fund (IMF) on Friday approved a $1 billion loan disbursement to Pakistan as part of a larger $7 billion bailout agreement. Aurangzeb said Islamabad would receive the tranche disbursement on Tuesday. The IMF executive board also approved a fresh $1.4 billion loan to Pakistan under its climate resilience facility. The federal budget for the next fiscal year, starting July, will be finalised within the next three to four weeks, with scheduled budget talks with the IMF to take place from May 14-23, he said. Regarding the India-Pakistan conflict, Aurangzeb described it as a "short duration escalation" with minimal fiscal impact, stating it can be "accommodated within the fiscal space which is available to the government of Pakistan". When questioned about potential increased military spending in the upcoming budget, Aurangzeb deferred comment, saying it was premature to discuss specific plans. However, he said: "Whatever we need to do in terms of ensuring that our defence requirements are met will be met." Aurangzeb said he expects the Indus Water Treaty, which India unilaterally suspended, to be reinstated and rolled back to where it was. He said there is not going to be any immediate impact from India's suspension and Pakistan does not "even want to consider any scenario which does not take into account the reinstatement of this treaty." Tensions between India and Pakistan began mounting after the April 22 attack in Indian Kashmir on Hindu tourists that killed 26 people, sparking the worst clashes between the nuclear-armed neighbours in more than two decades. On Saturday a ceasefire in the Himalayan region was announced by Trump, following four days of fighting and diplomacy and pressure from Washington.
