Federal Minister for Finance and Revenue Senator Muhammad Aurangzeb held a series of high-level engagements on the sidelines of the IMF–World Bank Annual Meetings in Bangkok, focusing on international financial architecture, human capital development, development financing, private-sector investment, economic reforms and Pakistan’s engagement with international investors.
Speaking as First Vice-Chair of the G-24 at the Finance Ministers and Central Bank Governors’ Meeting, the Finance Minister highlighted the challenges facing developing economies, including fragmentation disrupting trade and investment, climate shocks eroding development gains, restrictive financial conditions and widening financing gaps. He stressed that reform of the international financial architecture must keep pace with these challenges and ensure timely support for countries undertaking reforms while facing external shocks. He outlined three G-24 priorities: keeping development as the central objective of the international financial system, making the Bretton Woods institutions more representative and responsive, and building a development-oriented international financial architecture. Appreciating Nigeria’s leadership, he reaffirmed Pakistan’s commitment, as incoming Chair, to strengthening the G-24’s collective influence and ensuring that the Global South’s voice translates into concrete outcomes. He also underscored the importance of cooperation among member countries and institutional partners in building a more representative, resilient and development-centred economic order.
At a World Bank roundtable on “Transforming Demographic Transition into Human Capital Gains and Job Creation,” the Finance Minister highlighted the urgent need to address Pakistan’s rapid population growth and its implications for health, education and employment. Referring to experiences from Indonesia, Bangladesh and Iran, he emphasised women’s education, workforce participation and engagement with religious leaders on birth spacing. He noted that the National Population Council, led by the Prime Minister, provides a platform for coordinated federal and provincial action, political commitment and measurable outcomes to unify fragmented initiatives. He stressed that realising the demographic dividend requires a skilled workforce and private-sector job creation, while freelancing, IT-enabled services and digital skills can expand youth earnings and exports. He underscored the need to integrate population, health, education and employment policies.
In a meeting with H.E. Mr. Sultan Abdulrahman Al-Marshad, Chief Executive Officer of the Saudi Fund for Development (SFD), the Finance Minister offered condolences over the deaths in recent incidents in Saudi Arabia and thanked the Kingdom for its longstanding support to Pakistan. He briefed the SFD CEO on Pakistan’s improving macroeconomic position and renewed access to international capital markets. Discussions covered trade and investment, private-sector engagement, follow-up on the bilateral investment protection agreement and refinery upgrades. The Finance Minister noted satisfactory progress on SFD-supported projects, discussed a fresh project pipeline and sought the SFD’s continued support within its mandate.
In a separate meeting with Mr. Imad Fakhoury, Regional Vice President of the International Finance Corporation (IFC) for the Middle East and Central Asia, the Finance Minister discussed strengthening IFC support for private-sector growth and job creation and translating macroeconomic stability into sustainable growth. He noted IFC’s expanding portfolio, including small-business financing, entrepreneurship, capital markets, and green and digital bonds. He reaffirmed Pakistan’s commitment to Reko Diq and appreciated IFC’s leadership in financing the project. Discussions also covered mining infrastructure and value addition, affordable housing and developer financing, agricultural development, storage and cold chains, and electronic warehouse receipt financing. The two sides also discussed private-sector participation in livestock, pharmaceutical exports through stronger regulatory standards and investment, and infrastructure opportunities, including public-private partnerships in water services, advanced electricity metering and financing mechanisms for provincial projects.
The Finance Minister, accompanied by Secretary Finance Imdadullah Bosal and State Bank of Pakistan Governor Jameel Ahmad, participated in an institutional investor roundtable organised by Jefferies International. He highlighted Pakistan’s improving fiscal and external balances, stronger reserves, rating upgrades and renewed access to capital markets. He emphasised the need to translate stability into sustainable, export-led growth through taxation, energy and state-owned enterprise reforms. Discussions covered the IMF-supported programme, debt management and financing instruments, including Sukuk, a further Panda bond and tokenization. The Finance Minister also discussed privatization and business-to-business trade and investment, alongside tax-base broadening, agricultural income tax, digital enforcement and federal-provincial fiscal coordination. Responding to investors’ questions, he addressed geopolitical risks, energy security and LNG obligations, as well as Pakistan’s economic engagement with the United States and Saudi Arabia. He reaffirmed the government’s commitment to maintaining reform momentum and strengthening investor confidence.
During a high-level panel discussion on “Mitigating Sovereign Risks in Market-Access Countries,” the Finance Minister highlighted Pakistan’s progress in fiscal consolidation, reducing inflation and strengthening foreign exchange reserves. He outlined measures to mobilise revenue, reform tax administration, exercise expenditure restraint and advance privatization. He emphasised debt management efforts to lower financing costs, extend maturities and reduce rollover risks. He noted that renewed access to international markets supports improvement in Pakistan’s external debt profile without increasing its overall size. He also stressed national ownership of taxation, energy, state-owned enterprise and pension reforms under the IMF-supported programme, underscoring that sustained implementation is essential to translate macroeconomic stability into growth and improved public welfare.
Later, the Finance Minister and SBP Governor Jameel Ahmad participated in a Barclays Investor Roundtable. The Finance Minister highlighted improvements in Pakistan’s fiscal and external balances, consecutive primary surpluses and stronger foreign exchange reserves. He discussed progress under the IMF-supported programme, rating upgrades and renewed access to international markets through private placement, Panda bond and Eurobond issuance. He also outlined reforms in taxation, energy and state-owned enterprises, as well as privatization and airport outsourcing. He noted a strong pipeline of initial public offerings (IPOs) and foreign investor interest in electricity distribution companies. The Finance Minister invited the SBP Governor to discuss inflation, monetary conditions and external stability, followed by a question-and-answer session.
