On the third day of his ongoing visit to Washington, D.C. for annual spring meetings of the International Monetary Fund (IMF) and the World Bank, Finance Minister Muhammad Aurangzeb undertook several high-profile engagements, focusing on bolstering bilateral relations and advancing Pakistan’s economic reform agenda.
In his meeting with Chinese Foreign Minister Lan Fo’an, Aurangzeb thanked China for its unwavering support to Pakistan’s socioeconomic development and its backing of the IMF’s Extended Fund Facility (EFF) program. Updating the Chinese official on Islamabad’s ongoing reforms in taxation, energy, privatization, public finance, and state-owned enterprises, he requested the support of the People’s Bank of China to expedite the Panda bond issuance process. The meeting concluded with the finance minister inviting his Chinese counterpart to visit Pakistan.
The finance minister also met his Saudi counterpart, Mohammed Aljadaan, and thanked the Gulf kingdom for its enduring support for Pakistan’s economic development, including its assistance with the IMF program. Welcoming Saudi investments in Pakistan, Aurangzeb reaffirmed the government’s commitment to sustained reform efforts. He also extended an invitation to the Saudi finance minister to visit Pakistan.
Aurangzeb’s engagement with Queen Máxima of the Netherlands shared progress on financial inclusion initiatives for Pakistani women, supported by the National Financial Inclusion Strategy and international partners. He underscored the government’s commitment to women’s education, entrepreneurship, and digital access, emphasizing the need for cross-entity data sharing to enhance financial inclusion.
In his meeting with Turkish Finance Minister Mehmet Şimşek, Aurangzeb emphasized the strong historical ties between the two countries, noting the untapped potential for trade and investment. The minister invited Turkish investors to explore opportunities in Pakistan’s dairy, cheese, and livestock sectors.
During a meeting with Emirati Minister of State for Financial Affairs Mohamed bin Hadi Alm Hussaini, Aurangzeb shared Pakistan’s economic indicators, the recent sovereign rating upgrade by Fitch, and the government’s privatization agenda. Appreciating the U.A.E.’s investment interest at both government-to-government and business-to-business levels, he stressed on the need to translate memoranda of understanding into concrete agreements. He also expressed interest in learning from the U.A.E.’s experience in regulating cryptocurrency.
Climate Action
Attending the 13th ministerial meeting of the Coalition of Finance Ministers for Climate Action, Aurangzeb outlined Pakistan’s development of a Climate Prosperity Plan and a Climate Finance Strategy.
Highlighting the climate-focused pillars of resilience and de-carbonization within the 10-year Country Partnership Framework with the World Bank, he informed the meeting that Pakistan had reached a Staff Level Agreement on a new arrangement under the Resilience and Sustainability Facility to support long-term balance of payments stability against climate change. He emphasized the importance of integrating climate considerations into macroeconomic and financial policies, while acknowledging the challenges of capacity building in both public and private sectors for bankable and investable projects.
In meeting with IMF Managing Director Kristalina Georgieva, the minister acknowledged increased global uncertainty since the Al-Ula Conference on Emerging Markets. He stressed the need to focus on structural reforms in taxation, energy, privatization, SOEs, and government rightsizing. He cited Pakistan’s recent credit ratings upgrade by Fitch as an external validation of the country’s reform trajectory.
Identifying agriculture, I.T., and mines and minerals as key growth sectors, Aurangzeb highlighted the importance of regional trade corridors amidst global trade fragmentation. He thanked the World Bank for the 10-year CPF and its focus on climate change and population, and made a special mention of Pakistan’s Staff Level Agreement under the RSF. He expressed interest in IMF technical support for capacity building and endorsed the World Bank’s agenda for job creation through private sector engagement.
In a meeting with Global Policy and Advocacy at the Gates Foundation President Gargee Ghosh, Aurangzeb appreciated the Foundation’s contributions to polio eradication, maternal and child health, nutrition, family planning, and vaccine delivery in Pakistan. He also commended the Foundation’s initiative to digitize Pakistan’s tax system and discussed integrating payment platforms like Buna and Raast.
The minister requested continued support for Pakistan’s polio eradication efforts and invited the Foundation to attend an event on May 7, 2025, marking the launch of Pakistan’s national hepatitis C elimination program.
Aurangzeb also participated in a fireside chat hosted by Masood Ahmed, president emeritus of the Center for Global Development. He reaffirmed Pakistan’s commitment to structural reforms and sustainable growth. Additionally, he met with the team of S&P Global and welcomed their upcoming visit to Pakistan. While briefing them on the country’s macroeconomic outlook, fiscal consolidation, and growth catalysts, the finance minister highlighted Fitch’s recent credit rating upgrade as an external validation of Pakistan’s reform agenda and expressed hope that S&P Global would also consider upgrading Pakistan’s ratings.