Washington: Finance Minister Senator Muhammad Aurangzeb engaged in a series of high-level meetings in Washington, D.C., highlighting Pakistan’s economic stability and investment opportunities. His visit, centered around the annual spring meetings of the International Monetary Fund (IMF) and the World Bank, underscored ongoing reforms and potential for growth.

Minister Aurangzeb commenced his engagements by participating in the G-24 Finance Ministers and Central Bank Governors’ Meeting. As the Second Vice Chair of the G-24, he emphasized Pakistan’s macroeconomic stability, achieved through resilient banking systems and structural reforms. He stressed the importance of maintaining reform momentum amidst global economic challenges.

During an IMF panel discussion on “Revenue Mobilization in the Medium Term,” Aurangzeb outlined efforts to broaden the tax base. He highlighted strategies involving technological advancements in the Federal Board of Revenue, aiming to minimize taxpayer-collector interactions and enhance compliance.

In a fireside chat at the Atlantic Council’s GeoEconomics Center, the finance minister discussed challenges and opportunities for Pakistan’s economy through 2025. He detailed the government’s reform agenda, focusing on federal spending rationalization and provincial collaboration under a National Fiscal Pact.

Addressing climate and population challenges, Aurangzeb highlighted the World Bank’s 10-year Country Partnership Framework for Pakistan. He announced the finalization of a green taxonomy framework through the State Bank, paving the way for innovative financial instruments like green bonds and the inaugural Panda bond.

Minister Aurangzeb expressed the government’s intent to improve trade relations with the U.S., planning for constructive engagement to address trade imbalances. He also updated institutional investors on Pakistan’s economic outlook and reform progress, noting the recent credit rating upgrade by Fitch.

In meetings with World Bank and Deutsche Bank officials, Aurangzeb discussed the operationalization of the Country Partnership Framework and Pakistan’s interest in financial markets. Talks with Moody’s covered Pakistan’s fiscal surplus and the Panda Bond initiative.

A meeting with the Saudi Fund for Development’s CEO focused on Pakistan’s improving macroeconomic indicators and potential investment projects. Aurangzeb sought expedited funds under the Saudi Oil Facility and discussed financial support for the N-25 project.