Aurangzeb discusses reform progress with IMF, WB during Washington meetings

WASHINGTON: Finance Minister Senator Muhammad Aurangzeb held a series of high-level meetings in Washington, reaffirming Pakistan’s commitment to its economic reform agenda and strengthening cooperation with global financial institutions and business partners.

Review of IMF programme and reform progress

During his meeting with Jihad Azour, the IMF’s Director for the Middle East and Central Asia, the finance minister reiterated Pakistan’s resolve to implement its reform programme. Both sides reviewed progress under the second review of the ongoing IMF programme and expressed a shared commitment to sustaining macroeconomic stability.

They also agreed on the importance of maintaining reforms aimed at ensuring long-term economic resilience.

Calls for stronger Commonwealth and climate finance support

Aurangzeb also attended the Commonwealth Finance Ministers’ Meeting, where he called for building a stronger and more resilient Commonwealth.

He underlined the importance of climate finance for developing nations and urged the immediate operationalisation of the Loss and Damage Fund to assist countries vulnerable to climate change.

Engagements with World Bank and IFC on investment and climate resilience

In his meeting with the World Bank’s Senior Managing Director, the finance minister highlighted that climate change poses a major threat to Pakistan.

Discussions focused on the economic impact of recent devastating floods and the need for increased investment in adaptation and mitigation efforts. Both sides agreed to mobilise additional financial resources to strengthen Pakistan’s resilience against natural disasters.

Aurangzeb also met with the Vice President of the International Finance Corporation (IFC), where the two sides agreed to accelerate the financial closure of the Reko Diq project. The minister welcomed IFC’s decision to establish a new regional office in Islamabad, describing it as a positive step toward deeper collaboration.

Strengthening ties with US businesses and government

The finance minister met a delegation from the US-Pakistan Business Council, reaffirming the government’s commitment to promoting the private sector and improving the ease of doing business.

Both sides agreed to expand cooperation in mining, agriculture, information technology, and pharmaceuticals. The minister assured business leaders that all legitimate concerns of investors would be addressed.

In another meeting with the US Treasury’s Assistant Secretary for International Finance and Counselor, Aurangzeb highlighted Pakistan’s strengthening economic fundamentals under the IMF programme.

He welcomed the successful completion of the recent tariff agreement with the US and shared that Pakistan had finalised legislation related to virtual asset regulation. He also invited American companies to invest in Pakistan’s energy, minerals, and IT sectors.

Collaboration with Islamic Development Bank and Citibank

In a meeting with Dr Muhammad Sulaiman Al Jasser, President of the Islamic Development Bank (IsDB), Aurangzeb expressed gratitude for the bank’s continued support of Pakistan’s development projects.

He appreciated the IsDB’s approval of financing for two sections of the M-6 Motorway and acknowledged its ongoing assistance in polio eradication and oil financing facilities.

The finance minister also met representatives of Citibank, where he discussed Pakistan’s economic recovery and the success of ongoing reforms. He appreciated Citibank’s growing interest in the country’s expanding digital and financial sectors and assured consideration of their proposals for collaboration.

Aurangzeb gave several interviews to international media outlets and attended a dinner hosted by Pakistan’s Ambassador to the United States, Rizwan Saeed Sheikh.

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