WASHINGTON-(Mudassar Iqbal/New Desk)-Federal Minister for Finance and Revenue, Senator Muhammad Aurangzeb, met with World Bank President Ajay Banga on the sidelines of the IMF–World Bank Annual Meetings in Washington D.C., where they reviewed Pakistan’s reform progress and partnership initiatives.
The Minister recalled the Prime Minister’s productive engagement with Mr. Banga during the UN General Assembly session and reaffirmed Pakistan’s strong commitment to expanding collaboration with the World Bank. He briefed the Bank President on Pakistan’s comprehensive flood recovery efforts, acknowledging the World Bank’s swift support following the Post-Disaster Needs Assessment (PDNA).
Senator Aurangzeb appreciated the Bank’s continued engagement in Pakistan’s energy and agriculture sectors, endorsing the use of technology-driven platforms and cooperative models to empower small farmers and enhance agricultural resilience. He also thanked the World Bank for its technical assistance in developing Pakistan’s Tariff Policy, which aims to ensure a fair, transparent, and predictable trade regime.
IMF, Pakistan reach staff-level agreement on $1.2bn bailout
The Minister informed Mr. Banga about the Memoranda of Understanding (MoUs) recently signed with provincial governments for implementing the Country Partnership Framework (CPF). He requested enhanced financial support under International Development Association (IDA) windows, citing reduced allocations and Pakistan’s ongoing development needs.
Discussing structural reforms, Senator Aurangzeb underlined the government’s commitment to adopting a holistic approach toward restructuring Pakistan’s gas and power sectors, ensuring efficiency, sustainability, and long-term fiscal discipline.
Separately, the Finance Minister participated in a high-level Roundtable on “Challenges and Opportunities for the Pakistani Economy through 2025 and Beyond” hosted by the Peterson Institute for International Economics (PIIE).
He highlighted Pakistan’s recent macroeconomic achievements, including the Staff-Level Agreement (SLA) with the International Monetary Fund (IMF) and the credit rating upgrades by major international agencies. He emphasized that reforms within the Federal Board of Revenue (FBR) — centered on people, processes, and technology — are transforming governance and strengthening transparency.
Senator Aurangzeb reaffirmed that the government is determined to maintain reform momentum, advance privatization efforts, and attract foreign investment amid favorable geopolitical shifts creating new economic opportunities.
On the sidelines of the meetings, the Finance Minister also met UK Minister for International Development and Africa, Baroness Jenny Chapman, to discuss Pakistan–UK cooperation. Both sides agreed to enhance collaboration in institutional capacity building and sustainable growth initiatives, particularly through the Digital Dashboard project aimed at boosting transparency and project monitoring efficiency.
Finance Minister Aurangzeb Embarks on Key U.S. Visit for IMF-World Bank Meetings
In another engagement, Senator Aurangzeb met Fitch Ratings officials, thanking them for upgrading Pakistan’s sovereign credit rating to B- with a stable outlook. He outlined progress in taxation, energy reforms, and state-owned enterprises while emphasizing the government’s resolve to accelerate privatization and strengthen investor confidence.
He also discussed Pakistan’s plans to issue Panda Bonds in the Chinese market and the recent trade and tariff negotiations with the U.S., which resulted in more competitive market access for Pakistani exports.
All meetings reaffirmed Pakistan’s determination to pursue macroeconomic stability, fiscal reform, and global partnerships to achieve sustainable economic growth.
Comments are closed, but trackbacks and pingbacks are open.