ISLAMABAD, Oct 17 (APP): Federal Minister for Finance and Revenue Senator Muhammad Aurangzeb continued his engagements on the fourth day of his visit to Washington D.C., where he attending the Annual Meetings of the International Monetary Fund (IMF) and the World Bank Group.
The day featured a series of high-level interactions focused on strengthening Pakistan’s economic partnerships, advancing reform efforts, and promoting digital and sustainable growth.
The minister held a productive meeting with Congressman French Hill Chairman of the U.S. House Financial Services
Committee.
Both sides discussed avenues to deepen Pakistan–U.S. economic and financial cooperation, with particular emphasis on the digitization of financial services, the new economy, mineral development, and broader IT collaboration.
Aurangzeb also met Liao Min Deputy Finance Minister of China, and briefed him on the recently concluded Staff-Level Agreement (SLA) with the IMF, describing it as a strong external validation of Pakistan’s economic reform agenda.
He apprised Liao Min of the latest progress on the issuance of Panda Bonds in the Chinese market and sought China’s support for Pakistan’s membership in the New Development Bank.
The Minister welcomed further investment from Chinese companies in ICT, agriculture, industry, and mineral sectors, and extended an invitation to the Deputy Finance Minister to visit Pakistan.
Earlier, The Finance Minister delivered a keynote address at the Atlantic Council on “Reform Efforts in Pakistan & the Challenges Ahead,” where he highlighted the reform agenda’s external validation by the IMF and rating agencies.
He detailed the reforms planned for the Federal Board of Revenue (FBR), focusing on people, process, and technology.
Other topics included the reconstitution of the National Finance Commission (NFC), measures to boost private sector-led growth, and a liberal tariff policy aimed at increasing competitiveness and exports.
Meanwhile, the minister also met with the S&P Global team and appreciated the ratings upgrade, noting that all three major rating agencies are now aligned in their outlook on Pakistan.
He termed these developments as further evidence of the external confidence in the government’s reform trajectory.
During the meeting, the minister presented an overview of fiscal, monetary, and external sector developments, and reaffirmed Pakistan’s commitment to continued engagement with S&P.
Later, Senator Aurangzeb delivered a keynote address at a Regional Roundtable on Digital Transformation in Tax Administration, organized by the World Bank.
He shared details of the Transformation Plan for the FBR aimed at building a modern, transparent, and efficient tax administration. Highlighting that tax collection increased from 8.8% of GDP in 2024 to 10.24% in 2025, he elaborated on the end-to-end digitalization of core processes, use of digital tools for economic integration and documentation, and Pakistan Customs’ initiatives to curb under-invoicing and enhance trade facilitation.
The minister also emphasized ongoing efforts to strengthen human resource capacity and optimize the FBR’s
organizational structure.
Senator Aurangzeb also joined the World Economic Forum’s (WEF) Future of Growth Initiative Dialogue on “Leveraging Innovation for Inclusive and Sustainable Growth.” In his remarks, he underlined that technology must be guided by inclusion and resilience strategies and highlighted the role of AI-led monitoring in boosting efficiency and productivity.
He cited the example of AI-based interventions, such as satellite imagery, which have improved farmers’ incomes and service delivery in developing countries.
The Finance Minister also met with Nobumitsu Hayashi, Governor of the Japan Bank for International Cooperation (JBIC), and welcomed JBIC’s formal commitment to join the Reko Diq lender group, noting that this move would strengthen investor confidence and encourage Japanese businesses to expand their presence in Pakistan.
He emphasized the government’s priority on ensuring security for foreign investors and identified new avenues for bilateral cooperation.
In a meeting with Bangladesh Special Envoy Lutfey Y. Siddiqi, the minister reaffirmed the critical role of the private sector in leading economic growth, supported by a public sector ecosystem.
Both officials agreed on the IT sector’s game-changing potential to create quality graduate jobs and emphasized the need for knowledge-sharing and capacity-building.
The minister also addressed the JP Morgan Investment Seminar on Pakistan’s Economic & Monetary Policy Outlook, briefing investors on the positive momentum of the economy, which is fueled by sound macro management and enhanced
fiscal and external sector stability.
He confirmed the recent IMF Staff-Level Agreements and responded to investor questions during a Q&A session.
In addition to that, Finance minister also engaged in a media interaction with the renowned media outlet Bloomberg.
In parallel, Governor State Bank of Pakistan Jameel Ahmed, and Secretary EAD Muhammad Humair Karim conducted important sideline meetings with officials from Moody’s and the International Islamic Trade Finance Corporation (ITFC), respectively.
