ISLAMABAD, Jan 20 (APP): Minister for Finance and Revenue, Senator Muhammad Aurangzeb on Tuesday met Mohamed Al Hussaini, Minister of State for Financial Affairs of the United Arab Emirates, on the sidelines of the World Economic Forum Annual Meeting in Davos.
The meeting provided an opportunity for both sides to review ongoing economic engagement and discuss ways to further strengthen the close and multifaceted relationship between Pakistan and the UAE, said a press release issued by the Ministry of Finance.
During the meeting, the Emirati Minister inquired about the progress of Pakistan’s engagement with the International Monetary Fund. Senator Muhammad Aurangzeb briefed his counterpart on the smooth continuation of the IMF program, including the ongoing review under the Extended Fund Facility and the first review of the Climate Resilience program.
He expressed appreciation for the UAE’s continued support and noted that bilateral relations were further strengthening, particularly in light of the recent visit of the President of the United Arab Emirates to Pakistan.
Mohamed Al Hussaini appreciated the strong level of relations between the leadership of both countries and highlighted the importance of close people-to-people ties, which continue to underpin the longstanding partnership between Pakistan and the UAE.
The Finance Minister thanked the UAE for its ongoing financial cooperation, including bilateral deposits and transactions, and emphasized the shared objective of transforming traditional support into long-term investment partnerships, describing this approach as mutually beneficial and essential for sustainable growth.
The Emirati Minister concurred, underscoring the importance of investment-led cooperation in supporting economic stability and long-term development.
Senator Muhammad Aurangzeb also acknowledged the UAE’s experience in emerging financial technologies and shared Pakistan’s recent steps toward strengthening its regulatory framework, including the establishment of a dedicated authority focusing on tokenization.
He highlighted growing collaboration with Emirati financial institutions and noted encouraging trends in business-to-business engagement and offshoring activities.
The Emirati Minister welcomed these developments and expressed confidence that cooperation in these areas would continue to expand.
Both sides exchanged views on the regional and global economic outlook. While acknowledging prevailing geopolitical challenges, the Emirati Minister expressed optimism about improved prospects ahead and noted that the past year had marked positive progress for Pakistan.
Senator Muhammad Aurangzeb agreed and shared that Pakistan had successfully undertaken important financial transactions over the past year, reflecting improving market confidence and renewed access to international capital markets.
The Finance Minister also outlined key economic achievements, noting a significant reduction in inflation and improvements in macroeconomic stability. Mohamed Al Hussaini remarked on the marked improvement in Pakistan’s economic conditions compared to the period when the current reform program began, and stressed that continuity of policies remained the most critical factor for sustained progress.
Senator Muhammad Aurangzeb reaffirmed the government’s strong commitment to reforms, driven by clear direction and support from the Prime Minister.
The Finance Minister briefed his counterpart on ongoing structural reforms, including progress on privatization initiatives. The Emirati Minister underscored the importance of privatization in improving efficiency and competitiveness, sharing the UAE’s own experience of economic transformation driven by private sector participation, dynamic leadership, and favorable demographics.
The meeting concluded on a positive note, with both dignitaries reaffirming their shared commitment to deepening economic cooperation and advancing mutually beneficial initiatives between Pakistan and the United Arab Emirates.