Federal Minister for Finance and Revenue, Senator Muhammad Aurangzeb, held a series of high-level meetings in Washington, DC, focusing on deepening economic cooperation and promoting Pakistan’s digital and financial agenda.
On the sidelines of the IMF–World Bank Annual Meetings, he met World Bank President Ajay Banga, highlighting Pakistan’s PM’s UNGA engagement, flood-response efforts, and post-assessment support.
He also briefed on provincial MoUs under the Country Partnership Framework and sought additional support through the International Development Association (IDA), while discussing reforms in the gas and power sectors for long-term efficiency.
Senator Aurangzeb also met Dr. Adnan Chilwan, Group CEO of Dubai Islamic Bank (DIB), appreciating DIB’s role as the leading arranger of Pakistan’s sovereign Sukuk.
He highlighted the recent IMF Staff Level Agreement (SLA) and international ratings upgrades as indicators of Pakistan’s improving economic outlook.
The minister also discussed ongoing privatisation efforts, including the First Women Bank, and plans to diversify funding across USD, Panda, and Sukuk markets.
The finance minister further met with management teams from Sharjah Islamic Bank and Ajman Bank, thanking them for their support in Pakistan’s recent financial initiatives. He briefed them on the government’s plan to issue its inaugural Panda Bond in China and emphasised coordination with the Debt Management Office (DMO) for further collaboration.
In discussions with Dr. Hajar El Haddaoui, Director General of the Digital Cooperation Organisation (DCO), Senator Aurangzeb highlighted Pakistan’s digital transformation, focusing on IT, payment rails, and digitisation of government payments.
He welcomed DCO’s expansion in Pakistan and stressed capacity building, skills development, and inclusive digital frameworks.
Finally, Aurangzeb met with the TCX Currency Exchange Fund delegation, led by Chief Investment Officer Othman Boukrami, briefing them on Pakistan’s plans to extend debt maturities and access international capital markets through Panda Bonds, Eurobonds, and International Sukuk.
The finance czar assured the TCX team of a detailed follow-up on submitted proposals to enhance future cooperation.
Aurangzeb also met with officials from Fitch Ratings and thanked the agency for upgrading Pakistan’s credit rating to B- with a stable outlook, and expressed satisfaction that all three major international rating agencies were now aligned in their assessments.
He briefed the Fitch team on the recently announced SLA with the IMF and highlighted Pakistan’s progress on key structural reforms in taxation, energy, privatisation, and state-owned enterprises.
He underscored the government’s resolve to expedite the privatisation process to enhance efficiency and fiscal sustainability.
Senator Aurangzeb also apprised the team of the government’s ongoing efforts to issue Panda Bonds in the Chinese market and referred to successful trade and tariff negotiations with the US Administration, which resulted in competitive tariff rates for Pakistan.
The meeting concluded with an interactive exchange, during which the finance minister responded to queries from the Fitch team and reaffirmed Pakistan’s commitment to maintaining macroeconomic stability and sustaining reform momentum.
