Federal Minister for Finance and Revenue Senator Muhammad Aurangzeb held a series of engagements with international investors, credit rating agencies, multilateral financial institutions and U.S. officials on the sidelines of the IMF–World Bank Annual Meetings in Bangkok. Discussions focused on Pakistan’s macroeconomic progress, financing diversification, structural reforms, energy security, investment opportunities, infrastructure development and targeted relief measures to protect vulnerable segments of society amid rising global energy prices.
The Finance Minister participated in the Citi Macro Forum Session, where he briefed international investors on Pakistan’s economic outlook and reform priorities. He highlighted continued macroeconomic stabilisation, three consecutive years of primary surpluses, a fiscal deficit at a 22-year low and strengthened foreign exchange buffers, while expressing optimism that economic growth could reach or exceed 4% during the current fiscal year. He outlined Pakistan’s capital market strategy, including further Panda bond issuances, Sukuk and a rupee-denominated, dollar-settled international bond, emphasising the diversification of funding sources, lower borrowing costs and longer debt maturities. He also discussed progress under the IMF programme, tax-base expansion, stronger enforcement and provincial coordination to sustain fiscal discipline. Addressing the impact of the Middle East conflict, he outlined measures to maintain energy supplies and provide targeted relief to vulnerable groups within existing budgetary allocations. Discussions also covered climate resilience, disaster preparedness and effective utilisation of development financing. He reaffirmed Pakistan’s commitment to sustained reforms and a transition from aid towards trade and investment in its partnerships with other countries.
At Standard Chartered Bank’s Sovereign Investor Roundtable, the Finance Minister briefed investors on Pakistan’s economic progress, highlighting three consecutive years of primary surpluses, a fiscal deficit at a 22-year low and sovereign rating upgrades. He outlined financing diversification through Sukuk, Panda bonds and a proposed rupee-denominated, dollar-settled international bond, emphasising lower borrowing costs, longer debt maturities and reduced rollover risks. He stressed the importance of sustained structural reforms, fiscal discipline, stronger tax enforcement and investment- and export-led growth beyond the IMF programme. Discussions covered stronger reserves, inflation and the external outlook, energy security, targeted relief and climate financing. He reaffirmed the government’s commitment to sustaining reforms and further strengthening Pakistan’s sovereign credit standing.
In a meeting with S&P Global Ratings, the Finance Minister discussed Pakistan’s economic progress and sovereign credit outlook. He highlighted the successful September bond issuance, strong investor participation and progress under the IMF programme. He briefed the agency on improved tax collections, reserve accumulation and reduced swap and forward liabilities, reaffirming the government’s commitment to structural reforms, fiscal discipline and sustainable export-led growth. He outlined Pakistan’s ambition to enter the double-B rating category through sustained economic improvements. Discussions covered agricultural income taxation, energy and food security, targeted relief and climate resilience. He also noted S&P’s emphasis on policy continuity, reform implementation, a lower interest burden and stronger external buffers as key considerations for sovereign credit ratings.
The Finance Minister also met with Ambassador Yon of the U.S. State Department to discuss bilateral economic cooperation. The meeting reviewed progress towards a trade framework agreement and energy diversification through increased imports from the United States. He outlined measures to maintain fuel supplies and support vulnerable consumers. Discussions covered AML/CFT arrangements, FATF follow-up and investment financing through the U.S. International Development Finance Corporation (DFC) and EXIM Bank. He highlighted Reko Diq, critical minerals cooperation, project security and opportunities to mobilise private investment. The discussions also covered Boeing aircraft acquisition and financing, aviation clearances, digital asset regulation, and potential applications of remittance and Eurobond tokenisation.
Addressing the MENAP meeting with the IMF Managing Director, the Finance Minister highlighted Pakistan’s economic progress and regional challenges. He cited a fiscal deficit at a 22-year low, three consecutive years of primary surpluses and economic growth of 3.7%. He noted that foreign exchange reserves had reached a historic high, covering three months of imports, and that stronger buffers were helping Pakistan withstand climate and regional shocks. He cited sovereign rating upgrades, the September Eurobond issuance and the 7 October IMF staff-level agreement as evidence of progress. He reaffirmed Pakistan’s commitment to reforms and targeted, budget-neutral and time-bound subsidies to protect low-income groups and preserve social cohesion. He called for diversified energy sources and trade routes, deeper regional integration, and investment in logistics and food systems. He also emphasised renewed commitment to multilateralism and Pakistan’s readiness to contribute actively to regional cooperation.
In a meeting with MIGA Managing Director Mr. Tsutomu Yamamoto, the Finance Minister discussed financing and guarantee support for Pakistan. He emphasised that financing terms should reflect Pakistan’s improved sovereign ratings and renewed access to international capital markets. He expressed satisfaction that MIGA had revised its pricing and indicated the desire to proceed with Board consideration and documentation. The meeting also reviewed the hydropower-related case before the UK Supreme Court, with the Finance Minister noting that further steps would depend on the Court’s judgment.
In a separate meeting with Asian Infrastructure Investment Bank (AIIB) President Ms. Zou Jiayi, the Finance Minister discussed infrastructure financing and economic resilience. He identified power transmission and railway modernisation as priorities, with AIIB targeting approval of a transmission project before the end of the year. Discussions covered the Karachi–Rohri section of the ML-1 railway project and possible co-financing with the Asian Development Bank (ADB), or parallel financing for other sections. He emphasised the need for a multi-year lending programme, timely project execution and greater private-sector participation through public-private partnerships. The two sides also explored emergency budget support to address energy and food security pressures and potential climate-focused policy financing. The Finance Minister appreciated AIIB’s support for Panda bond guarantees and outlined Pakistan’s financing diversification strategy, including longer maturities and reduced rollover risks. He also thanked AIIB for expressing readiness to support future capital market issuances and explore technical cooperation on Eurobond tokenisation.
The Finance Minister met IMF Deputy Managing Director Mr. Nigel Clarke to discuss Pakistan’s economic progress and reform priorities. He appreciated the Fund’s partnership and emphasised strong political ownership and sustained implementation of reforms. Highlighting Pakistan’s return to international capital markets and robust investor participation, he outlined targeted fuel subsidies to protect vulnerable groups and preserve social cohesion. He further highlighted stronger reserves, three consecutive years of primary surpluses and a declining debt-to-GDP ratio. Discussions covered sustainable growth, policy consistency and safeguarding health and education spending alongside fiscal discipline. He also noted Mr. Clarke’s emphasis on adequate reserve buffers and stronger revenues to support investment in human capital, infrastructure and public services.
The Finance Minister also interacted with international media, apprising journalists of the government’s measures to provide targeted fuel subsidies in response to rising global oil prices. He highlighted the stabilisation of Pakistan’s economy and investment opportunities in the country.
