Washington DC, Federal Minister for Finance and Revenue, Mr. Muhammad Aurangzeb, met with Mr. Jin Liqun, President of the Asia Infrastructure Investment Bank (AIIB), to discuss Pakistan’s economic outlook and ongoing reforms. Aurangzeb highlighted several positive economic indicators, including improved foreign exchange reserves, a stable currency, declining inflation, and a surging stock market. He also pointed out the renewed institutional and foreign inflows into Pakistan’s market, bolstered by the 9-month Standby Arrangement (SBA) with the International Monetary Fund (IMF).

According to Press Information Department, Aurangzeb informed the AIIB president that Pakistan is seeking to enter into a larger and extended program with the IMF, building on the progress achieved with the current SBA. He outlined key government priorities, including broadening tax reforms, addressing issues in the energy sector, and undertaking reforms of state-owned enterprises (SOEs).

The Finance Minister expressed gratitude to AIIB for its support in the aftermath of the devastating 2022 floods, particularly the co-financing of $250 million with the World Bank’s RISE-II program. He reaffirmed Pakistan’s commitment to continuing its collaboration with AIIB on infrastructure development.

Aurangzeb also acknowledged AIIB’s additional commitment of $500 million in project assistance and noted the satisfactory progress on project implementation and disbursements. The meeting underscored Pakistan’s determination to strengthen its economy through international cooperation and strategic partnerships with institutions like AIIB.