On February 19, 2026, Pakistan and the United States signed a Memorandum of Understanding (MoU) to jointly redevelop the Roosevelt Hotel in New York, a significant step aimed at revitalizing one of Pakistan's most valuable overseas assets. The MoU was executed by Edward C. Forst, Administrator of the U.S. General Services Administration (GSA), and Muhammad Aurangzeb, Pakistan's Finance Minister, with the signing ceremony witnessed by Prime Minister Shehbaz Sharif and U.S. Special Envoy Steve Witkoff. This initiative is expected to enhance bilateral economic ties and was described by the Ministry of Finance as establishing a "structured, time-bound framework for joint evaluation of the technical, commercial, and economic parameters of cooperation," reflecting a commitment to transparency and mutual benefit. The Roosevelt Hotel, which has been closed since 2020, holds an estimated value of over $1 billion and is central to Pakistan's International Monetary Fund-backed asset restructuring efforts, as noted by multiple sources including Profit by Pakistan Today and Geo Business.