Pakistan, US sign MoU on strategic cooperation for Roosevelt Hotel redevelopment

Important developments have taken place between Pakistan and the United States regarding the Roosevelt Hotel in New York, as both countries have launched strategic cooperation for the future of the landmark property.

According to the Ministry of Finance, Pakistan and the US have signed a high-level Memorandum of Understanding (MoU) focused on the operation, repair and redevelopment of the Roosevelt Hotel. The MoU was signed by the US General Services Administration and Pakistan's Finance Minister Muhammad Aurangzeb.

Prime Minister Shehbaz Sharif and US Special Envoy Steve Witkoff were also present at the signing ceremony.

Under the agreement, both sides will undertake a joint review of the operational, technical and commercial aspects of the Roosevelt Hotel’s repair and redevelopment. The Ministry of Finance stated that achieving maximum financial benefits from the property remains a key priority for the government.

Officials added that the Roosevelt Hotel project forms an important component of the government's broader privatization strategy. Both countries have emphasized the need for transparency and regulatory clarity in the redevelopment process.

A time-bound framework for the repair and rehabilitation of the hotel has also been finalized, with phased progress to be made under a joint working structure.

The Ministry of Finance noted that the new framework is expected to further strengthen Pak-US economic cooperation and expand bilateral economic relations between the two countries.