On the final day of his visit to Washington, D.C., Federal Minister for Finance and Revenue Muhammad Aurangzeb concluded a series of strategic meetings with key international partners on the sidelines of the World Bank Group and IMF Annual Meetings. These discussions focused on advancing Pakistan’s financial inclusion, digital payments, investment inflows, and bilateral trade.
In a meeting with Andrew Torre, Regional President for Visa, Aurangzeb expressed his appreciation for Visa’s role in modernizing Pakistan’s payment systems. He praised Visa’s partnerships with domestic players like 1Link and noted the company’s focus on financial inclusion initiatives, including the launch of a Financial Inclusion Card with Meezan Bank. Both parties agreed on the importance of expanding routing choices and ensuring a level playing field for domestic transaction processing.
In discussions with China’s Vice Minister of Finance, Liao Min, the Finance Minister underscored the enduring strategic partnership between Pakistan and China. Aurangzeb extended thanks for China’s consistent support, particularly during the IMF’s Extended Fund Facility negotiations, and announced Pakistan’s intent to issue a Panda bond in China, aimed at diversifying the financing base. He also welcomed the entry of Chinese electric vehicle manufacturer BYD into the Pakistani market and requested an increased limit under the Currency Swap Agreement. Both sides discussed the need for enhanced online payment systems and the integration of payment networks.
Aurangzeb also met with Mohammad Kallala, Global Head of Corporate and Investment Banking at Natixis, to explore opportunities for Gulf-based, particularly Saudi, investment in Pakistan. Kallala expressed Natixis’ interest in collaborating with Pakistani firms to facilitate strategic investments, with both agreeing to continue future engagements.
In discussions with Karan Bhatia, Google’s Global Head of Government Affairs and Public Policy, Aurangzeb welcomed Google’s commitment to strengthening its footprint in Pakistan. Bhatia highlighted regulatory, connectivity, and financial challenges, and the Finance Minister assured Google of government support to address these hurdles. Aurangzeb also engaged with Pakistani-American tech entrepreneurs, acknowledging the IT sector’s contributions to Pakistan’s export growth and highlighting the government’s policy framework for a robust digital ecosystem.
In a meeting with AIIB President Jin Liqun, Aurangzeb expressed appreciation for AIIB’s continued support, especially in the aftermath of the 2022 floods. He discussed the possibility of launching a Panda bond with AIIB’s partial credit guarantee, which would strengthen investor confidence. Aurangzeb also invited AIIB to invest in Pakistan’s N-5 GT Road reconstruction and support climate resilience programs. President Liqun accepted an invitation to visit Pakistan to explore these initiatives further.
Aurangzeb also engaged with the Pakistani diaspora, recognizing their role in fostering economic ties between Pakistan and the U.S., and met with U.S.-based Pakistani journalists to share insights into Pakistan’s socio-economic progress and his Washington engagements. Reflecting on the week’s discussions, Aurangzeb emphasized Pakistan’s commitment to ongoing reforms and the strategic partnerships necessary to bolster economic growth and resilience.
