Washington: Finance Minister Senator Muhammad Aurangzeb, during his visit to Washington, D.C., emphasized Pakistan’s economic stability and investment opportunities while advocating for stronger trade relations with the United States. As part of the annual spring meetings of the International Monetary Fund (IMF) and the World Bank, he outlined Pakistan’s ongoing reforms and dedication to international financial engagement.
Minister Aurangzeb began his day by addressing the G-24 Finance Ministers and Central Bank Governors’ Meeting, where he highlighted Pakistan’s macroeconomic stability achieved through resilient banking systems and sustained structural reforms. He stressed the importance of maintaining reform momentum amidst global challenges such as trade fragmentation and protectionism.
In an IMF-hosted panel, the finance minister detailed Pakistan’s efforts to expand the tax base, particularly in sectors like agriculture and real estate. He emphasized the role of technology and AI in improving tax compliance and enforcement.
At the Atlantic Council’s GeoEconomics Center, Minister Aurangzeb discussed the government’s reform agenda, including the digitalization of the Federal Board of Revenue (FBR) and provincial tax legislation. He highlighted ongoing efforts to rationalize federal spending and establish sustainable economic foundations.
The finance minister also addressed climate and population challenges, expressing appreciation for the World Bank’s 10-year Country Partnership Framework (CPF) for Pakistan. He announced plans to issue Panda Bonds and develop a green taxonomy framework to finance SDG-aligned projects.
Minister Aurangzeb met with institutional investors, providing updates on Pakistan’s economic outlook and reform progress. He noted the recent credit rating upgrade by Fitch, which has bolstered investor confidence and paved the way for Pakistan’s return to financial markets.
Discussions with World Bank Vice President Martin Raiser focused on operationalizing the CPF and increasing private sector investment. Meanwhile, talks with Deutsche Bank and Moody’s commercial team centered on Pakistan’s improved macroeconomic indicators and the potential issuance of Panda and ESG bonds.
In a meeting with H.E. Sultan bin Abdulrahman Al-Murshid, CEO of the Saudi Fund for Development (SFD), Minister Aurangzeb highlighted Pakistan’s credit rating upgrade by Moody’s and requested expedited disbursement of funds under the Saudi Oil Facility. Both parties expressed satisfaction with progress on investment projects and discussed financial support for the N-25 project.