Federal Minister for Finance and Revenue Muhammad Aurangzeb engaged with institutional investors and global financial leaders in a series of high-level meetings, advocating for Pakistan’s economic reforms and international partnerships.
At a roundtable organized by Jefferies International, Aurangzeb outlined Pakistan’s positive economic trajectory, supported by the success of the Stand-By Arrangement (SBA) and ongoing reforms aimed at raising the tax-to-GDP ratio, improving state-owned enterprises (SOEs), curtailing energy sector losses, and advancing privatization efforts. The discussion included a Q&A session with investors, addressing their queries on Pakistan’s economic outlook.
The Finance Minister also attended a meeting with the IMF Managing Director alongside finance ministers, central bank governors, and regional financial heads from the Middle East, North Africa, Afghanistan, and Pakistan (MENAP). Aurangzeb emphasized the importance of social protection measures within IMF lending frameworks, climate resilience financing, and expanded debt relief mechanisms to support vulnerable nations. He welcomed IMF’s incorporation of emerging global challenges, such as climate risks and complex debt restructuring, into its Low-Income Countries Debt Sustainability Framework.
In another significant engagement, Aurangzeb met with the Islamic Trade Finance Corporation’s (ITFC) CEO, Hani Salem Sonbol. He commended ITFC’s support, highlighting a $3 billion financing framework over three years and an immediate $269 million financing package. ITFC reaffirmed its commitment to diversifying its investment in Pakistan, with the Finance Minister promising full governmental support to further this partnership.
The Finance Minister continued his diplomatic outreach by meeting with Amy Holman, the US Assistant Secretary of State for Economic and Business Affairs. He highlighted the strategic importance of the US-Pakistan economic partnership and discussed Pakistan’s investment opportunities in agriculture, IT, energy, and mineral sectors, inviting US enterprises to explore these avenues. At another meeting with Deutsche Bank, Aurangzeb discussed Pakistan’s improved credit ratings and unveiled plans for a Sustainable Finance Framework (SFF) to facilitate Pakistan’s entry into the green capital markets.
During a talk on Pakistan’s economic outlook at the Wilson Center, moderated by Michael Kugelman, Aurangzeb discussed recent economic reforms, including tax base expansion, subsidy rationalization, and climate resilience initiatives. He detailed improvements in energy sector efficiency and SOE governance, aimed at creating a fair business environment. This discussion also included a Q&A, enabling a deeper dive into Pakistan’s economic strategy.
In his meeting with Standard Chartered Bank representatives, Aurangzeb appreciated the bank’s longstanding collaboration with Pakistan and discussed future initiatives like a trade financing facility, syndicated funding, and climate-focused financing options, including green bonds and debt swaps. At a Coalition of Finance Ministers for Climate Action roundtable, he participated in discussions on expanding biodiversity finance and scaling up nature finance to close global finance gaps under the Global Biodiversity Framework.
The Finance Minister also held discussions with Fitch Ratings, welcoming the recent upgrade of Pakistan’s credit rating from CCC to CCC+. He emphasized Pakistan’s fiscal efforts in revenue generation, expenditure control, energy tariff reductions, and privatization acceleration. Aurangzeb also assured Fitch of Pakistan’s sufficient foreign reserves to meet current external debt obligations.
Concluding his engagements, Aurangzeb met with UAE’s Minister of State for Financial Affairs, Mohamed bin Hadi Al Hussaini, where he expressed appreciation for the UAE’s support of Pakistan’s external account and extended invitations for investment in agriculture, IT, and mining sectors. He rounded off his visit with interviews with international media outlets AFP and Reuters and discussions with World Bank and IMF officials on the Joint Domestic Revenue Mobilization Initiative, underscoring Pakistan’s commitment to financial reforms and sustainable development partnerships.
