Federal Minister for Finance and Revenue Senator Muhammad Aurangzeb held a series of high-level meetings with international financial institutions, global investors, credit rating agencies and development partners on the sidelines of the IMF–World Bank Annual Meetings, focusing on Pakistan’s economic progress, financing diversification, investment opportunities and structural reforms.
In a meeting with Canada’s Secretary of State for International Development, Randeep Sarai, the Finance Minister discussed strengthening bilateral economic cooperation and advancing the investment protection agreement to encourage Canadian investment in Pakistan. Opportunities in agriculture, agrotechnology, livestock, food security, IT services, artificial intelligence and virtual assets were explored, alongside the Barrick mining project and its potential contribution to exports and employment. The two sides also exchanged views on regional developments and their implications for energy, fertilizer supplies and global food security. The Minister thanked Canada for its flood assistance and invited Mr. Sarai to visit Pakistan.
In discussions with Fitch Ratings, the Finance Minister, accompanied by the Governor of the State Bank of Pakistan (SBP), highlighted Pakistan’s progress in macroeconomic stabilization, fiscal consolidation and sustained primary surpluses, alongside restored access to international capital markets. The delegation outlined improvements in foreign exchange reserves, exchange-rate stability, inflation management and debt sustainability, reaffirming its commitment to the IMF programme, structural reforms and export-led growth. The Minister also sought Fitch’s assessment of the requirements for Pakistan to progress towards the BB sovereign rating category.
During a meeting with Lazard, discussions focused on mining investment, financing diversification and sovereign credit outlook. The Finance Minister welcomed proposals for blended finance, sustainability-linked loans, guaranteed Sukuk and debt swaps to broaden financing options and improve borrowing terms. The meeting also covered future international issuances, including Panda bonds, and the importance of cost discipline, policy predictability and alignment with Pakistan’s medium-term financing strategy. Follow-up engagement will be coordinated through the Debt Management Office and SBP.
The Finance Minister also met Alvarez & Marsal to explore long-term financing through World Bank Group guarantees. Discussions examined a potential structure combining a World Bank policy-based guarantee with MIGA coverage to mobilize approximately US$1.5 billion in financing at competitive rates, subject to the available guarantee envelope and transaction structure. The Minister emphasized leveraging existing World Bank resources and a Development Policy Operation to avoid delays, with further technical work to be undertaken by the relevant Pakistani authorities and the World Bank Group. Ongoing advisory work on the privatization of power distribution companies was also discussed.
In a meeting with Ms. Erin Browne, Under Secretary for International Affairs at the US Department of the Treasury, the Finance Minister and SBP Governor discussed Pakistan’s economic outlook, reforms and external financing. The Minister highlighted the successful US$3 billion Eurobond issuance in September, foreign exchange reserves of approximately US$21.6 billion, fiscal consolidation and progress under the IMF programme. Discussions covered financing diversification through Sukuk and Panda bonds, export-led growth, IT exports, privatization and airport outsourcing, as well as potential aviation cooperation and US EXIM financing. Both sides also exchanged views on the implications of regional conflict for energy prices, inflation and food security. The Minister expressed appreciation for continued US support.
In engagement with Deutsche Bank, the Finance Minister highlighted improved macroeconomic stability, stronger foreign exchange reserves, sovereign rating upgrades and renewed access to international capital markets. Discussions covered diversification through Sukuk, Panda bonds, rupee-denominated dollar-settled bonds and potential Eurobond tokenization, as well as debt management, currency diversification and international investor outreach. The Minister encouraged greater corporate engagement and foreign portfolio investment and welcomed the bank’s interest in strategic advisory support for privatization, including power distribution companies and major airports.
The Finance Minister, accompanied by the SBP Governor, also met MSCI to discuss capital market reforms and Pakistan’s prospects for emerging market classification. The delegation highlighted improving economic indicators and stock market participation and discussed classification criteria and investor concerns relating to foreign exchange arrangements, prefunding, hedging and pooled investments. The Minister clarified repatriation arrangements under the Special Convertible Rupee Account and expanded access to Roshan Digital Accounts. Both sides supported technical follow-up to address operational concerns and improve market accessibility.
In a meeting with Ms. Sara Jane Ahmed, the Finance Minister discussed climate finance and Pakistan’s Climate Prosperity Plan. He welcomed efforts to expand concessional financing and attract sovereign investment into water, health and education projects. Discussions covered the proposed Lifeline Fund, which aims to be ready by April 2027, initially mobilize US$500 million and potentially expand beyond US$2 billion. The Minister sought further clarity on its governance, contributions and financing arrangements, while emphasizing line-ministry ownership, integration with the national budget and coordination with UNDP and other development partners to avoid duplication.
The Finance Minister also met senior management of MUFG to explore financing and investment opportunities, including blended finance and credit enhancement for infrastructure projects linked to WAPDA and Dasu hydropower. Discussions covered refinery modernization, privatization of power distribution companies and life insurance, and airport outsourcing while retaining public ownership of assets. The Minister outlined prospective issuances of Sukuk, Panda bonds, rupee-denominated dollar-settled bonds, potential Eurobond tokenization and Samurai bonds. MUFG’s proposed support on credit positioning, investor outreach and suitable financing structures was welcomed.
At a separate MUFG-organized investor session, the Finance Minister outlined Pakistan’s economic outlook, highlighting fiscal consolidation, sustained primary surpluses, progress under the IMF programme, easing inflation and projected growth of 3.5–4.5 per cent. He discussed stronger reserves, remittances and IT exports, as well as debt repayments, bilateral rollover assurances and reduced reliance on expensive short-term borrowing. Responding to investors’ queries on foreign exchange liberalization, agricultural income tax, fiscal devolution and future bond issuance, he emphasized that financing decisions would remain aligned with market conditions and Pakistan’s debt strategy. He reaffirmed the government’s commitment to export-led growth, tax and tariff reforms, and stronger buffers to sustain stability beyond the IMF programme.
In a meeting with UK Minister for International Development Kirsty McNeill, the Finance Minister discussed economic reforms, bilateral cooperation and climate resilience. He highlighted fiscal consolidation, stronger reserves, sovereign rating upgrades and renewed international capital market access, while emphasizing export-led growth, IT exports and skills development. He appreciated UK assistance through REMIT and support for the Growth Programme, and welcomed British International Investment’s expanding investment pipeline. Discussions also covered privatization, airport outsourcing, potential aviation cooperation, solar adoption, battery storage and grid viability. Both sides underscored the need for simpler access to climate finance and bankable projects, with Pakistan highlighting disaster preparedness and the BRIDGE initiative.
The Finance Minister, accompanied by the SBP Governor, met Standard Chartered to discuss financing cooperation, reserve management and infrastructure investment. He appreciated the bank’s support in bridging external financing gaps and facilitating Pakistan’s return to international capital markets. Discussions covered prospective Sukuk and Panda bonds, rupee-denominated dollar-settled bonds, possible tokenization initiatives, gold-backed liquidity and energy-price hedging. The two sides also explored diaspora deposit products, financing against rupee-denominated securities and multilateral guarantees or export-credit financing for priority power transmission, railway and road projects.
