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Asim Qadeer Rana
Islamabad, Sept 2: As the Pakistan government eyes to stagger away from its economic melt down the interim government’s financial arm evaluates PIA for sale – a dream far away.
A senior Finance Ministry official associated with the previous such engagement informed PrideNews on Saturday: “PIA sale is bad dream we may not able to do so due to its financial baggage, and without the prime property of New York – Roosevelt Hotel owned by PIA.”
The prominent landmark of the New York is named after American President Theodore Roosevelt standing in Manhattan New York since 1942 with current commercial tag of over $2 billion. PIA had leased the property in 1979 and purchased it in late 90’s.
“What we can offer to the buyers at a time when the Roosevelt Hotel is on lease for three years to New York City government it’s not a right move at this moment,” insisted the official.
The New York City government will be hosting migrants to stay in the hotel intermittently during the next three years.
Shahbaz Sharif, the former Prime Minister of Pakistan had approved the lease of the Roosevelt Hotel for $220 million in June this year for its 1250 rooms for a period of three years along with a key Resturant at the entry of the Hotel.
“We can’t back off from the deal with New york City government at the moment as we are emptied,” he informed.
Meanwhile, the inventory of PIA is also not attractive saying:” The financially troubled state carrier currently has a fleet of 33 aircraft, of which 12 are inactive.”
He noted that according, to internal estimates of the airline’s financial department PIA has 16 Airbus A320ceos, four ATR 42-500, one ATR- 72-500, eight Boeing 777-200S, and four B777-300s.
“The picture is grim and the task is daunting only a politically legitimate government can handle such an adventure as any cold move by interims will cost negatively both the state carrier, and the government ” observed the official.
Ends.
