Aurangzeb showcases economic reforms, secures global support
ISLAMABAD: Federal Minister for Finance and Revenue, Senator Muhammad Aurangzeb concluded the fourth day of his visit to Washington, DC, for the Spring Meetings of the International Monetary Fund (IMF) and the World Bank with a series of constructive meetings with key financial institutions, rating agencies, and global corporations.
The Finance Minister started his engagements by meeting with VISA's Regional Vice President, Andrew Torre. He expressed appreciation for VISA's contribution to the digitalization of Pakistan's economy and the introduction of its various financial products, according to press release issued by finance ministry here Friday.
He noted that VISA's decision to triple the size of its office in Pakistan and its collaboration with 1-Link and PayPak would significantly contribute to promoting financial inclusion, e-commerce, transaction security, and payment gateways, and facilitate remittances. He assured Torre of the government's full support in addressing any operational matters in Pakistan.
Following that, Minister Aurangzeb held a meeting with Christos Harpanditis, Vice President of Philip Morris International.
Acknowledging the company's longstanding commitment to Pakistan, the Finance Minister highlighted the improving business climate and the government's taxation reforms focused on people, process, and technology. He emphasized the critical need for effective enforcement and compliance measures to curb the illicit production and sale of cigarettes.
At a seminar titled 'Pakistan's Economic and Monetary Policy Outlook', hosted by JP Morgan, the Finance Minister briefed institutional investors on Pakistan's stable macroeconomic indicators, including twin surpluses, declining inflation, robust forex reserves, and sound debt management—factors that contributed to Fitch's recent sovereign credit rating upgrade.
Aurangzeb for urgent economic reforms to restore credibility
He also expressed deep concern over the loss of tourists' lives in a terrorist incident in India, reiterating Pakistan's unequivocal condemnation of terrorism in all forms.
In a meeting with Masato Kanda, President of the Asian Development Bank (ADB), Minister Aurangzeb congratulated him on his recent appointment and expressed appreciation for the ADB's enduring partnership with Pakistan and its contributions to the country's development through initiatives such as the Country Partnership Strategy 2026-2030 and budgetary support.
The two sides discussed ADB's project pipeline and committed to accelerating project execution. He requested ADB's support for a partial credit guarantee for the issuance of the Panda bond and expressed hope for the materialization of budgetary support this year.
He assured Kanda of Pakistan's delegation's participation in the CAREC meeting scheduled for November 2025.
The Finance Minister held separate meetings with Fitch Ratings and Moody's, thanking Fitch for upgrading Pakistan's sovereign rating to B- and outlining progress on structural reforms in energy, taxation, SOEs, public finance, and debt management.
With Moody's, he highlighted strong economic indicators, including low inflation, fiscal surpluses, and record remittances, while emphasizing reforms to broaden the tax base. On trade matters, he reiterated Pakistan's commitment to constructive engagement with the US Administration.
The Finance Minister met with Sangbu Kim, World Bank's Vice President for Digital Transformation, and highlighted Pakistan's progress under the Digital Pakistan Policy, particularly in taxation reforms and the end-to-end digitization of the FBR (Federal Board of Revenue).
Emphasizing the need for horizontal integration across government entities, he sought the Bank's support in operationalizing the Country Partnership Framework (CPF) through technology.
At the Vulnerable 20 (V20) Ministerial Dialogue, themed 'Enabling Climate Prosperity,' Senator Aurangzeb outlined Pakistan's Climate Financial Strategy and the development of a Climate Prosperity Plan.
He highlighted the recent staff-level agreement with the IMF under the Resilience and Sustainability Facility (RSF) and noted that the World Bank's 10-year CPF prioritizes climate resilience and decarbonization.
The Minister called for reforms in international financial architecture to support climate-vulnerable nations and stressed the need for capacity-building to develop bankable climate projects.
The minister also interacted with members of the Pakistan Bank-Fund Staff Association (PBFSA), briefing them on Pakistan's improving macroeconomic indicators, including the successful IMF staff-level agreement under the Extended Fund Facility (EFF) and RSF.
He also discussed the World Bank's 10-year CPF, which addresses Pakistan's challenges in population growth and climate change, and reiterated the government's commitment to structural reforms.
In a meeting with Jihad Azour, IMF Director for the Middle East and Central Asia, the Finance Minister thanked the IMF for the successful staff-level agreement on Pakistan's economic program. He reaffirmed Pakistan's commitment to sustaining reforms, citing Fitch's sovereign credit rating upgrade (CCC+ to B-) as validation of the country's progress.
Senator Aurangzeb concluded his day with a meeting with the Standard Chartered Bank delegation led by Roberto Hoornweg, appreciating the bank's role in bridging Pakistan's financing gap during a critical period. He briefed the team on Pakistan's macroeconomic stability, privatization program, and plans to re-enter international capital markets following the Fitch rating upgrade.
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