Finance Minister Senator Muhammad Aurangzeb concluded a highly productive final day of engagements at the International Monetary Fund and World Bank Group Spring Meetings in Washington, D.C., holding a series of high-level bilateral meetings with global financial institutions, development partners, and private sector stakeholders to advance Pakistan’s economic priorities and strengthen international partnerships.
During a productive meeting with Mr. Francis Brooke, Deputy Secretary at the United States Department of the Treasury, the Finance Minister shared Pakistan’s progress on macroeconomic stabilization, re-entry into international capital markets, and prudent external debt management. He highlighted investment opportunities in Pakistan’s minerals and energy sectors and briefed the U.S. side on ongoing efforts related to digital and virtual asset regulation. Both sides also discussed avenues for cooperation in energy, mineral development, and strengthening anti-money laundering and counter-financing of terrorism frameworks. The Finance Minister reaffirmed the depth of bilateral economic engagement and underscored the importance of continued U.S. support for Pakistan’s IMF programme.
The Finance Minister also held a substantive meeting with Dr. Kalpana Kochhar, President for Global Policy and Advocacy at the Bill & Melinda Gates Foundation. Recalling his earlier engagement with Bill Gates on the sidelines of the World Economic Forum Annual Meeting, he reaffirmed the strong partnership between Pakistan and the Foundation. He stressed that polio eradication remains a national priority requiring sustained support. The Finance Minister also briefed Dr. Kochhar on Pakistan’s ongoing reforms at the Federal Board of Revenue, including digital compliance risk management systems, AI-led production monitoring, behavioral nudges through SMS, and capacity-building initiatives for young officers. He emphasized that the government’s objective is to institutionalize durable reforms rather than pursue temporary fixes. On vaccine financing, he noted the need for additional support beyond June-July and assured efforts to leverage strong bilateral ties with the Islamic Development Bank. Both sides agreed on the importance of continued learning and knowledge exchange.
In a separate meeting with Jenny Chapman, the Finance Minister reaffirmed Pakistan’s longstanding relationship with the United Kingdom. He highlighted that Pakistan has recorded a current account surplus during the first nine months of the fiscal year and remains firmly committed to meeting all fiscal targets by end-June. He acknowledged the support received from the Saudi Arabia and noted Pakistan’s successful return to international capital markets after four years through a bond issuance. He also outlined the government’s response to the recent energy price shock through expenditure restraint, full price transmission, targeted subsidies, and direct support through digital wallets. On climate resilience, he noted that recent flood-related relief was financed entirely through Pakistan’s own fiscal resources, supported by stronger buffers. He further highlighted the establishment of a forward-looking National Disaster Management Centre equipped with AI and satellite technology. The Finance Minister appreciated the contribution of the Foreign, Commonwealth & Development Office.
The Finance Minister also met Mr. Shohei Hara, Senior Vice President of Japan International Cooperation Agency, welcoming the resumption of JICA’s lending portfolio in Pakistan after a prolonged pause. He appreciated the identification of a water supply scheme in Faisalabad as the first project under the resumed Yen loan portfolio. Both sides agreed that Pakistan’s current negative net disbursement trend should be reversed through renewed active lending. The Finance Minister expressed keen interest in leveraging Japan’s experience in health and education and exploring blended financing models to maximize development impact. He also assured full support in resolving operational issues concerning Pakistan Institute of Medical Sciences and security scanners at Karachi Port.
In his meeting with Ms. Zou Jiayi, President of the Asian Infrastructure Investment Bank, the Finance Minister congratulated her on assuming office and appreciated AIIB’s robust engagement in Pakistan, with an ongoing portfolio of $1.7 billion and an additional $1 billion in the pipeline. He highlighted Pakistan’s planned inaugural Panda Bond issuance and recent Eurobond transaction as validations of macroeconomic stabilization. He invited AIIB to align future engagement with Pakistan’s infrastructure priorities under the World Bank Group Country Partnership Framework and the Asian Development Bank Country Partnership Strategy. Both sides also discussed measures to improve project implementation and accelerate disbursements.
The Finance Minister separately held constructive meetings with S&P Global Ratings and Citibank. He informed both institutions that Pakistan has successfully concluded a staff-level agreement with the IMF, with Board approval expected shortly. He also highlighted the successful repayment of $1.4 billion in Eurobond obligations during the current month, additional Saudi financial support, and Pakistan’s return to international capital markets through a private placement bond issuance. He outlined Pakistan’s medium-term Global Medium Term Note strategy, including Eurobond, Sukuk, and rupee-linked dollar-settled instruments, while also briefing them on progress toward the inaugural Panda Bond. The Finance Minister expressed confidence that Pakistan’s improved macroeconomic fundamentals make a compelling case for a credit rating upgrade.
Later, the Finance Minister participated in a high-level roundtable titled “Delivering Social Protection Digitally: Lessons and Innovations from Pakistan, Middle East and North Africa,” organized by the World Bank Group. The event showcased Pakistan’s Digital Public Infrastructure journey and the digital transformation of the Benazir Income Support Programme. In his remarks, the Finance Minister drew parallels between the COVID-19 demand shock and the current Middle East supply shock, emphasizing that countries investing early in governance and technology were better positioned to respond. He highlighted Pakistan’s seamless digital delivery of targeted subsidies to two-wheelers, public transport users, and small farmers through existing payment systems. He stressed that digital social protection is not merely a payment mechanism but a powerful tool for financial inclusion and economic empowerment, particularly for women entering the formal financial system for the first time.
Earlier in the day, the Finance Minister also interacted with Pakistani media based in Washington, D.C., briefing them on the outcomes of his visit and Pakistan’s improving economic outlook.
The Finance Minister’s wide-ranging engagements on the final day of the Spring Meetings reflected Pakistan’s growing international economic confidence, commitment to reform, and determination to build strong partnerships for sustainable and inclusive growth.
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