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ISLAMABAD, Oct 16 (APP):Federal Minister for Finance and Revenue, Senator Muhammad Aurangzeb held a series of high-level meetings with global financial and business leaders in Washington DC, seeking to strengthen Pakistan’s economic partnerships with Saudi Arabia, the United States, and other key international stakeholders.
The meetings were held on the third day of his official visit to Washington DC for the annual meetings of the International Monetary Fund (IMF) and the World Bank, according to a press release issued by finance ministry here Thursday.
The engagements focused on reinforcing Pakistan’s commitment to economic reforms, exploring new avenues for international investment, and strengthening bilateral financial cooperation.
Strengthening bilateral relations, the Finance Minister met with Finance Minister of the Kingdom of Saudi Arabia, Mohammed Aljadaan and affirmed Pakistan’s commitment to the IMF reform program.
He briefed his counterpart on the progress of privatizing state-owned enterprises, including PIA and major airports. The ministers agreed on the vital role of the International Finance Corporation (IFC) and the Multilateral Investment Guarantee Agency (MIGA) in catalyzing private investment and sought Saudi support for infrastructure development in Pakistan.
In a key meeting with, CEO of the U.S. International Development Finance Corporation (DFC), Benjamin Black, Senator Aurangzeb highlighted significant investment opportunities within Pakistan’s oil and gas, mines and minerals, agriculture, IT, and pharmaceutical sectors.
He underscored the consensus at the leadership level to enhance trade and investment ties, welcoming the DFC’s interest in facilitating private sector-led funding for projects in Pakistan.
In a separate engagement, Senator Aurangzeb met with Azerbaijan’s First Deputy Finance Minister, Anar Karimov, reaffirming strong economic and strategic ties between the two countries.
He congratulated Azerbaijan on successfully hosting COP29 and highlighted the Pakistan-Azerbaijan Preferential Trade Agreement (January 2025) and Transit Trade Agreement (December 2024) as key platforms to diversify bilateral trade beyond oil and rice into textiles, pharmaceuticals, chemicals, machinery, and agricultural products.
Aurangzeb also met with Executive Vice President of MIGA, Hiroshi Matano, expressing appreciation for MIGA’s support in ongoing arbitration matters and reaffirming Pakistan’s commitment to safeguarding both investor confidence and national interests.
He welcomed MIGA’s proposal for a short-term trade finance facility to ensure access to critical imports such as food, fertilizer, energy, and essential machinery, and emphasized the importance of its timely implementation. He also acknowledged MIGA’s continued support for Pakistan’s power transmission and distribution sectors.
At the Borrowers’ Forum Roundtable, the Finance Minister discussed the crucial balance between servicing high debt obligations and financing essential social sector investments. He commended the establishment of the Forum as a valuable platform for collective action, knowledge sharing, and policy coordination among debtor nations.
He stressed the importance of improved debt management, enhanced technical capacity, and better access to sustainable finance for climate resilience and infrastructure development.
The Minister also met with members of the Pakistan Bank Fund Staff Association (PBFSA) and briefed them on recent fiscal, monetary, and external sector progress and referenced the country’s upgraded sovereign credit ratings.
He reaffirmed Pakistan’s commitment to fiscal responsibility, energy reforms, privatization, social protection, and inclusive green growth while responding to participant queries.
The minister also held a productive meeting with the senior management of Standard Chartered Bank, acknowledging the long-standing partnership between the Bank and Pakistan.
During the discussions, the Minister highlighted the external validation of the country’s ongoing economic reforms by international rating agencies. He briefed the team on Pakistan’s recent Panda Bond issuance and plans to tap international capital markets through Eurobonds and International Sukuk.
The meeting also covered trade financing facilities, with the Minister requesting the Bank to share additional proposals for consideration to further strengthen collaboration.
Earlier, Aurangzeb attended a session of the Coalition of Finance Ministers for Climate Action (CFMCA), held discussions with Stefan Dercon, British Economist, and participated in a media interaction with the Wall Street Journal.
In addition, the minister addressed global investors at the Citi Macro Forum, alongside the Secretary of Finance and the Governor of the State Bank of Pakistan and presented a comprehensive overview of the positive developments on Pakistan’s fiscal, monetary, and external fronts.
He attributed the current economic momentum to effective stabilization measures, structural reforms, and prudent monetary management, noting the successful negotiation of a Staff-Level Agreement with the IMF.
Senator Aurangzeb subsequently joined Finance Ministers and Central Bank Governors from the MENAP region in a meeting with IMF Managing Director Kristalina Georgieva. As a lead speaker, he underscored Pakistan’s achievement of macroeconomic stabilization and welcomed the Staff Level Agreement with the IMF.
He reaffirmed the Government’s commitment to advancing reforms in taxation, energy, state-owned enterprises, and privatization.
The minister highlighted Pakistan’s digital transformation and tariff policy aimed at enhancing competitiveness and exports, while inviting international investment in key sectors including mining, digital infrastructure, agriculture, and pharmaceuticals.
Aurangzeb interacted with leading Pakistani entrepreneurs over a working dinner, hosted by Ambassador Rizwan Saeed Sheikh at Pakistan House.
The Minister briefed the participants about economic outlook of the country including macroeconomic stability and structural reforms. He highlighted streamlining of regulatory processes, improving taxation system, and addressing issues related to energy, SEOs and privatization.
The Minister also apprised that improved credit rating of the country by renowned global agencies has contributed to reviving confidence of the business community. Appreciated continuous support of the Fund and World Bank towards stabilization of economy and meeting existential challenge of Climate Change.
Minister Aurangzeb invited proposals from the business community to further cement Pak-US ties. The participants assured full support towards translating the government’s economic vision into reality.