Federal Minister for Finance and Revenue, Senator Muhammad Aurangzeb, participated in a roundtable discussion with institutional investors hosted by Jefferies International, on the sidelines of the World Bank–IMF Spring Meetings 2026.
During the session, the Finance Minister briefed participants on Pakistan’s macroeconomic outlook and reform progress. He highlighted that Pakistan had reached a Staff-Level Agreement (SLA) with the International Monetary Fund (IMF) on the third review of the Extended Fund Facility (EFF) and the second review of the Resilience and Sustainability Facility (RSF), after successfully meeting all quantitative and structural benchmarks. He noted that approval by the IMF Executive Board was expected shortly, which would unlock the next tranche under the programme.
The Finance Minister also outlined the impact of the ongoing conflict in the Middle East on Pakistan’s economy, particularly its first-order effects. He noted that the extent of second and third-order risks would depend on the duration and intensity of the conflict.
Senator Aurangzeb elaborated on the government’s policy response, including the introduction of fiscally-neutral targeted subsidies, rationalization of development expenditure, and broader federal austerity measures aimed at preserving the primary surplus under the IMF programme.
On external financing, the Finance Minister informed investors that Pakistan is in the process of reviving its Global Medium-Term Note (GMTN) programme and has issued Requests for Proposals (RFPs) for the appointment of lead managers across multiple instruments, including Eurobonds, Sukuk, and dollar-settled rupee-linked bonds. He also apprised participants of Pakistan’s planned inaugural Panda Bond issuance, which is currently awaiting regulatory approvals.
The session concluded with an interactive question-and-answer segment, reflecting strong investor interest in Pakistan’s reform trajectory and economic outlook.
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