Pakistan Advances Economic Reform Agenda in High-Level Washington Meetings

Engagement with World Bank Operations Leadership:
WASHINGTON: (Web Desk) – Federal Minister for Finance and Revenue, Senator Muhammad Aurangzeb, held a detailed meeting with Ms. Anna Bjerde, Managing Director (Operations) of the World Bank Group, in Washington, D.C. The Minister expressed appreciation for the institution’s continued assistance in Pakistan’s reform and development initiatives. Both sides reviewed Pakistan’s economic situation, including external pressures arising from geopolitical tensions in the Middle East and their spillover effects. They also emphasized the need to reinforce social safety nets to protect low-income groups from economic shocks. Progress under the Country Partnership Framework was acknowledged, with a shared understanding that sustained reform efforts remain essential. The Minister further underscored the importance of a coordinated federal and provincial strategy to manage demographic pressures and requested support for a national-level master planning framework.

Discussions with IFC on Private Sector Development:
In his meeting with Mr. Makhtar Diop, Managing Director of the IFC, the Finance Minister focused on boosting private sector participation in Pakistan’s economy. Key areas included improving productivity, attracting investment, and generating employment opportunities. The Minister appreciated IFC’s ongoing role in providing local currency financing and facilitating trade-related funding. He also highlighted the importance of deepening collaboration for capital market development, drawing lessons from international best practices. Coordination with the Prime Minister’s Task Force on Agriculture was also discussed, particularly to encourage innovation and value-chain growth. IFC’s evolving approach to mobilizing private capital at scale was welcomed as a positive step toward sustainable economic expansion.

Engagement with World Bank Treasury on Financial Strategy:
Senator Aurangzeb also met Vice President Jorge Familiar Calderón of the World Bank Group, congratulating him on his new role. The discussion centered on Pakistan’s debt management strategy and improving access to global capital markets through innovation and advisory support. The Minister outlined Pakistan’s diversified financing plans, including Islamic Sukuk, ESG-linked instruments, and efforts to strengthen domestic bond markets. He emphasized the need for advanced technical assistance, analytical tools, and capacity building for Pakistan’s Debt Management Office to enhance financial resilience. An official focal point was also designated to ensure continued coordination with the World Bank Group.