Washington: Federal Minister for Finance and Revenue, Senator Muhammad Aurangzeb, participated in a series of high-level meetings on the fourth day of the IMF-World Bank Spring Meetings in Washington, D.C., engaging with global financial leaders, development partners, and international investors to showcase Pakistan’s economic recovery.
According to Press Information Department, the Finance Minister met with H.E. Lan Fo’an, Minister of Finance of China, expressing appreciation for China’s support and discussing Pakistan’s progress under the IMF programme. This included the successful conclusion of a Staff-Level Agreement for the Third Extended Fund Facility Review, with Board approval expected in May. The Minister also highlighted Pakistan’s financial strategies, including the issuance of a Panda Bond and the growing trade in Renminbi.
In another meeting, Dr. Pan Gongsheng, Governor of the People’s Bank of China, was briefed on Pakistan’s financing strategy and IMF programme reviews. Discussions underscored Pakistan’s policy responses to regional economic impacts, with an invitation extended to the Finance Minister to visit Beijing.
The Finance Minister’s engagements also included a dialogue with Mr. Alvaro Lario, President of the International Fund for Agricultural Development, focusing on agricultural reforms and innovative financing. Additionally, discussions with Mr. Nigel Clarke of the IMF covered Pakistan’s macroeconomic position and financing diversification strategies.
Meetings with Rothschild and Co. and participation in a J.P. Morgan seminar highlighted Pakistan’s plans to re-enter international capital markets, while discussions with Moody’s reaffirmed Pakistan’s improving external position. Engagements with the OPEC Fund’s CEO emphasized collaboration in climate action and digital transformation.
An agreement to extend a USD 3 billion deposit maturity with the Saudi Fund for Development was signed, reflecting Saudi Arabia’s financial support. The Finance Minister’s interactions with media and global leaders emphasized Pakistan’s economic stability and reform commitments.