Finance Minister Muhammad Aurangzeb, in a series of high-level meetings on the sidelines of the IMF-World Bank Spring Meetings in Washington, D.C., discussed various economic initiatives, including the issuance of Pakistan’s inaugural Panda Bond within the current calendar year.
During a meeting with Jin Liqun, President of the Asian Infrastructure Investment Bank (AIIB), Aurangzeb outlined Pakistan’s plans for future development projects and reiterated the government’s desire to proceed with the issuance of the Panda Bond. This meeting underscored Pakistan’s ongoing engagement with AIIB, seeking continued financial support for critical infrastructure development.
In discussions with UAE Minister of State for Financial Affairs Mohamed Bin Hadi Al Hussaini, Aurangzeb highlighted key economic indicators, including the recent sovereign rating upgrade by Fitch, and the government’s privatization agenda.Â
He also informed Al Hussaini about Pakistan’s Staff-Level Agreement with the IMF and ongoing efforts for restructuring and economic stabilization. The finance minister extended an invitation for Al Hussaini to visit Pakistan.
Further discussions took place with Saudi Minister of Finance Mohammed Aljadaan, where Aurangzeb thanked Saudi Arabia for its continued support of Pakistan’s economic development, especially in relation to the IMF program, and emphasized the need to maintain reform momentum. He also invited Aljadaan to visit Pakistan.
During a meeting with China’s Finance Minister Lan Fo’an, Aurangzeb expressed gratitude for China’s support for Pakistan’s economic reforms and provided an update on the status of the Panda Bond. He also requested the support of the People’s Bank of China (PBOC) to expedite the issuance process.
On the global front, the finance minister met with the President of Global Policy and Advocacy at the Gates Foundation, Ms. Gargee Gosh, to discuss continued support for Pakistan’s polio eradication efforts and other public health initiatives. He also mentioned the Foundation’s collaboration with Pakistan’s Federal Board of Revenue (FBR) in digitalizing the tax system.
Additionally, in his participation at the MENAP Ministers and Central Bank Governors’ meeting, Aurangzeb emphasized the importance of pursuing structural reforms in key sectors such as taxation, energy, privatization, and state-owned enterprises. He also highlighted the need for regional trade corridors and sustainable climate action, mentioning the government’s efforts to develop a Climate Prosperity Plan (CPP) and a Climate Finance Strategy.
Aurangzeb’s engagements also included discussions on Pakistan’s interest in seeking technical support from the IMF for capacity-building, alongside supporting job creation through private sector-led growth.
