Islamabad, Pakistan — Finance Minister Muhammad Aurangzeb met with top global financial and development leaders in Washington, reaffirming Pakistan’s commitment to reform, economic stability, and sustainable growth. His meetings took place on the sidelines of the International Monetary Fund (IMF) and World Bank (WB) annual plenary sessions, during his six-day visit from October 13 to 18.
Meeting with World Bank President Ajay Banga
In his meeting with World Bank President Ajay Banga, Aurangzeb briefed him on Pakistan’s ongoing flood recovery and reconstruction efforts, acknowledging the Bank’s timely assistance in the aftermath of last year’s devastating floods.
The finance minister appreciated the World Bank’s technical support in the development of Pakistan’s tariff policy and endorsed the idea of using technology platforms and cooperatives to improve outreach to small farmers and strengthen agricultural resilience.
He also highlighted the recent memorandums of understanding (MoUs) signed with provincial governments for the implementation of the Country Partnership Framework (CPF) and reaffirmed Pakistan’s commitment to deepen collaboration with the Bank.
Aurangzeb further requested additional support under the International Development Association (IDA), citing reduced allocations, and emphasised the need for a holistic approach to reforming Pakistan’s energy and gas sectors to ensure long-term stability and efficiency.
Engagement with Fitch Ratings
In a separate meeting, the finance minister met with officials from Fitch Ratings, expressing gratitude for the agency’s recent decision to upgrade Pakistan’s credit rating to B- with a stable outlook.
Aurangzeb welcomed the alignment among the three major international rating agencies and shared details of the recently concluded Staff-Level Agreement (SLA) with the IMF. He outlined Pakistan’s progress on key structural reforms in taxation, energy, privatisation, and state-owned enterprises (SOEs).
Reaffirming the government’s commitment to accelerating the privatisation process, Aurangzeb said the aim was to enhance operational efficiency and strengthen fiscal sustainability.
He also briefed the Fitch delegation on Pakistan’s preparations to issue Panda Bonds in the Chinese market and highlighted successful trade and tariff negotiations with the United States, which have led to more competitive tariff rates for Pakistani exporters.
Discussion with the UK Development Minister
During his meeting with UK Minister for International Development and Africa Baroness Jenny Chapman, Aurangzeb lauded the UK’s longstanding partnership and support for Pakistan’s reform agenda.
He praised the Digital Dashboard initiative, developed in collaboration with the UK, which aims to improve transparency and efficiency in project monitoring. The finance minister underscored the importance of greater stakeholder consultation in project selection and execution to ensure alignment with national priorities.
He also called for improved coordination and oversight of off-budget development projects to enhance accountability and outcomes. Both sides reaffirmed their resolve to strengthen Pakistan-UK–UK cooperation in the economic and development sectors.
Participation in the Roundtable at the Peterson Institute
Aurangzeb also joined a roundtable discussion titled “Challenges and Opportunities for the Pakistani Economy through 2025 and Beyond”, hosted by the Peterson Institute for International Economics (PIIE).
He briefed global economists and experts on Pakistan’s recent macroeconomic recovery, including the IMF staff-level agreement and the subsequent credit rating upgrades. He highlighted ongoing reforms within the Federal Board of Revenue (FBR) and reiterated the government’s commitment to sustaining reform momentum.
Aurangzeb concluded by noting that recent geopolitical shifts had created new opportunities for Pakistan in trade, energy, and investment. He said the government remains focused on transforming these openings into sustainable growth and economic resilience for the country.
