ISLAMABAD: The governments of Pakistan and the United States have formally launched a strategic economic initiative, including collaboration with the US General Services Administration (GSA) regarding the operation, maintenance, renovation and redevelopment of the Roosevelt Hotel in New York. This engagement was negotiated and stewarded by US Special Envoy Steve Witkoff under the leadership of President Donald J Trump.
To advance this partnership, both governments have signed a Memorandum of Understanding (MoU) formalising their cooperation. GSA Administrator Edward C Forst executed the MoU on behalf of the United States and Federal Minister for Finance and Revenue Senator Muhammad Aurangzeb on behalf of Pakistan and was witnessed by Prime Minister Shehbaz Sharif and United States Special Envoy Steve Witkoff.
It establishes a structured, time-bound framework for joint evaluation of the technical, commercial and economic parameters of cooperation, reflecting a shared commitment to transparent, disciplined and mutually beneficial progress.
Given the Roosevelt Hotel’s prime Manhattan location and the complexity of New York zoning and municipal processes, institutional coordination aims to reduce execution risk, enhance regulatory clarity and maximise transaction value. Such facilitative frameworks are consistent with international practice in cross-border real estate and infrastructure projects.
The objective remains to secure maximum value for this property in alignment with the government’s privatisation strategy while strengthening Pakistan-United States economic ties.
Meanwhile, the Economic Coordination Committee (ECC) of the Cabinet on Thursday approved the Prime Minister’s Ramazan Relief Package of Rs19 billion.
As reflected in the summary placed before the ECC, the overall size of the Prime Minister’s Ramazan Relief Package 2026 is Rs39 billion, of which Rs10 billion is already available with the BISP, while Rs29 billion has been arranged through three components considered by the ECC.
According to official announcement made after the meeting, the ECC considered a summary submitted by the Ministry of Poverty Alleviation and Social Safety seeking approval of funds amounting to Rs25 billion for the Prime Minister’s Ramazan Relief Package (PMRRP) 2026. The Finance Division informed the committee that Rs19 billion had already been budgeted for the Ramazan package for the current financial year and that the remaining requirement would be released as and when necessary.
The ECC accordingly approved the immediate release of Rs19 billion to enable prompt commencement of disbursement, while agreeing that any additional funds would be considered in line with evolving requirements and available fiscal space.
The ECC also took note of the urgency involved in initiating payments and regularised the steps already taken to facilitate early disbursement through re-appropriated funds. It was agreed that expenditures would be managed in a manner consistent with Pakistan’s fiscal commitments and that any unutilised funds would be surrendered in accordance with established procedures.
The ECC reaffirmed the government’s commitment to extending timely and dignified support to deserving segments of society during Ramazan, while upholding fiscal responsibility and robust oversight in the implementation of relief measures. It emphasized the need to balance expeditious disbursement of relief with fiscal prudence and transparency in operational expenditures.
