Federal Minister for Finance and Revenue, Senator Muhammad Aurangzeb, continued an intensive schedule of high-level engagements on the fourth day of the IMF-World Bank Spring Meetings in Washington, D.C., holding a series of substantive bilateral meetings with global financial leaders, development partners, and international investors, while also engaging with leading U.S. and international media.
The Finance Minister held an important meeting with H.E. Lan Fo’an, Minister of Finance of the People’s Republic of China. He expressed deep appreciation for China’s longstanding and unwavering support to Pakistan, as well as the constructive role played by China’s Executive Director at the IMF in facilitating Pakistan’s programme engagements. The Minister briefed his counterpart on Pakistan’s progress under the IMF programme, including the successful conclusion of a Staff-Level Agreement for the Third Extended Fund Facility (EFF) Review and the Second Resilience and Sustainability Facility (RSF) Review, with IMF Board approval expected in early May.
He informed the Chinese side that Pakistan has successfully repaid a $1.4 billion Eurobond and secured additional financial support from the Kingdom of Saudi Arabia. The Finance Minister also provided an update on the issuance of Pakistan’s inaugural Panda Bond and highlighted the growing share of bilateral trade settled in Renminbi, underscoring the need for an expanded currency swap facility to support increasing trade volumes. He appreciated China’s acknowledgement of Pakistan’s active mediation role in the ongoing regional conflict and reaffirmed Pakistan’s full and unconditional support for the establishment of the SCO Development Bank during Pakistan’s upcoming Presidency of the Shanghai Cooperation Organization (SCO). The meeting concluded with mutual appreciation for continued collaboration at both the IMF and World Bank.
In a separate meeting with Dr. Pan Gongsheng, Governor of the People’s Bank of China (PBOC), the Finance Minister reiterated appreciation for China’s continued support at the IMF Executive Board. He provided updates on the IMF programme reviews and Pakistan’s financing strategy, including progress on the Panda bond issuance and requested expedited regulatory approvals.
The Minister also highlighted Pakistan’s proactive policy response to the economic impact of the ongoing regional conflict, including targeted subsidies and demand management measures. Dr. Pan extended an invitation to the Finance Minister to visit Beijing in the near future.
Earlier, in a meeting with Mr. Alvaro Lario, President of the International Fund for Agricultural Development (IFAD), the Finance Minister underscored agriculture as a national priority, while candidly acknowledging structural challenges in productivity and value chain development. He highlighted the Government’s reform agenda focused on agricultural transformation, including leadership restructuring, capacity building through international training, and deregulation of key commodity sectors. The Minister proposed enhanced alignment between IFAD’s programme and national priorities through direct engagement with the Prime Minister’s Agricultural Task Force.
He emphasized the importance of improving financial access for smallholder farmers and drew attention to critical gaps in storage infrastructure contributing to post-harvest losses. Both sides discussed innovative financing approaches, including IFAD’s evolving model of co-investment with the private sector, and agreed on exploring a more structured partnership framework with potential co-financing from the Asian Development Bank and the World Bank. The Minister also highlighted emerging risks to fertilizer supply amid ongoing global disruptions.
The Finance Minister also held a constructive meeting with Mr. Nigel Clarke of the International Monetary Fund (IMF), where he provided an update on Pakistan’s macroeconomic outlook, external financing position, and programme implementation. He noted that key economic indicators remain on track, with a stronger-than-expected current account performance supported by robust remittance inflows during Ramadan. He further apprised Mr. Clarke of Pakistan’s strategy to diversify financing sources, including plans for Panda bonds, Eurobonds, and local-currency instruments aimed at mitigating foreign exchange risks.
Both sides agreed on the importance of maintaining exchange rate flexibility and preserving fiscal space in light of persistent global and regional uncertainties. The Finance Minister welcomed the upcoming IMF mission visit to Pakistan for discussions on the federal budget and programme-related matters.
On the sidelines of the meetings, the Finance Minister engaged with senior representatives of Rothschild & Co., where he outlined Pakistan’s plans to re-enter international capital markets after a four-year hiatus. He highlighted key instruments under consideration, including Eurobonds, Panda bonds, and dollar-settled, rupee-linked transactions. The Minister appreciated the firm’s strategic advice on Liability Management Operations (LMOs) to strengthen market confidence and optimize Pakistan’s yield curve. Both sides agreed on the importance of developing a pipeline of blended finance transactions with multilateral development partners to reduce borrowing costs.
The Finance Minister also participated in a J.P. Morgan Investment Seminar titled “Pakistan: Economic and Monetary Policy Outlook,” alongside the Governor of the State Bank of Pakistan. Addressing global institutional investors, he highlighted Pakistan’s macroeconomic stabilization, progress under the IMF programme, and commitment to meeting all external obligations. He provided detailed insights into Pakistan’s energy management strategy in response to the ongoing crisis, including demand-side management, market-based adjustments, and targeted subsidies for vulnerable segments. The session concluded with an interactive discussion on IMF financing, privatization, and Pakistan’s strategic role in the evolving regional landscape.
In his engagement with Moody’s, the Finance Minister reaffirmed Pakistan’s improving external position, noting the successful repayment of the Eurobond and continued timely servicing of all creditor obligations. He outlined the country’s medium-term strategy to return to international capital markets through diversified instruments, including Eurobonds and innovative rupee-linked bonds. He also highlighted measures taken to ensure energy security and maintain adequate fertilizer stocks during the current crisis. The Minister assured continued close engagement with Moody’s.
Additionally, the Finance Minister met with Dr. Abdulhamid Alkhalifa, Chief Executive Officer of the OPEC Fund for International Development, where he appreciated the institution’s growing engagement with Pakistan. He expressed interest in leveraging the OPEC Fund’s full suite of financing windows, including sovereign, private sector, and Islamic finance instruments. Emphasizing the strategic importance of water infrastructure in the current regional context, the Minister called for enhanced collaboration in climate action, food security, and digital transformation. He extended an invitation to the OPEC Fund leadership to visit Pakistan and appreciated the invitation to participate in the Fund’s upcoming event in Vienna.
An agreement signing ceremony was also held in Washington, D.C., in the presence of the Finance Minister and the Ambassador of Pakistan to the United States, to extend the maturity of a deposit of USD 3 billion placed by the Saudi Fund for Development (SFD) with the State Bank of Pakistan (SBP). The agreement was signed by H.E. Sultan A. AlMurshad, Chief Executive Officer of SFD, and Mr. Jameel Ahmad, Governor of the State Bank of Pakistan. The extension reflects continued strong financial support from the Kingdom of Saudi Arabia and contributes to strengthening Pakistan’s external account stability.
During the day, the Finance Minister also interacted with prominent U.S. and international media outlets, highlighting Pakistan’s improving macroeconomic outlook, steady growth trajectory, and strengthened fiscal discipline. He underscored the Government’s commitment to sustaining economic stability, advancing structural reforms, and enhancing trade and investment linkages, particularly with global partners.
The Finance Minister’s engagements and media interactions reflect Pakistan’s continued commitment to macroeconomic stability, structural reforms, and proactive economic diplomacy aimed at strengthening global partnerships, enhancing trade, and mobilizing sustainable financing for long-term growth.
