Cash-strapped Pakistan selling part of diplomatic property in US, Indian realtor is second highest bidder at $5 million

Pakistan has rece­ived three bids for a building which once housed the defence section of its embassy in Washington. 

As per the report by Dawn, the highest bidder which is a Jewish group wants to build a synagogue at the site. The highest bid of almost $6.8 million. The second bid is from an Indian realtor which is at about $5 million. While the third bid is of about $4 million which is from a Pakistani realtor. 

Earlier on Wednesday, Pakistan's Federal Minister for Information Marriyum Aurangzeb had informed in a press conference that the decision to sell the building was made by an inter-ministerial committee.

As per the reports, the decision was taken to deal with ongoing economic crisis in Pakistan. Pakistan has resorted to taking some desperate cost-cutting measures as the country continues to face a "financial emergency". The measures include rationing of fuel for government vehicles, restrictions on official travel, stopping leave encashments, medical bill payments and removing allowances among others.

Notably, Pakistan is under the Extended Fund Facility (EFF) of the International Monetary Fund (IMF), according to The Express Tribune report. However, the country is still facing a shortage of dollars. Pakistan is facing domestic and international political economy challenges.

The building which was up for bid is one of Pakistan's diplomatic properties in the US Capital. However, now it doesn't have any offices in it. 

It is located in the northwest of the city, which is considered to be one of the plush and high-profile areas in the city. It is home to the residences of former US president Barrack Obama, former president Donald Trump's daughter and Jeff Bezos, one of the richest persons in the world.

The area is almost about 13,000 square feet. However, the structure is deteriorating as it hasn't been in use for decades.

(With inputs from ANI)