Finance Minister Aurangzeb hopes for early IMF board approval to keep reforms on track

Federal Minister of Finance Muhammad Aurangzeb on Tuesday expressed hope for early approval by the IMF Executive Board of the Staff Level Agreement (SLA) when he met Director of the Middle East and Central Asia Department of the International Monetary Fund (IMF) Jihad Azour on the sidelines of the 2026 Spring Meetings of the World Bank and the IMF, according to a publication in X by the Ministry of Finance.

FinMin held a series of high-level meetings with international financial institutions, US officials and global business representatives on the sidelines of the World Bank and IMF 2026 spring meetings. scheduled for April 13-18focusing on economic reforms, investment and external sector stability on Tuesday.

During the meeting with the IMF official and the IMF mission in Pakistan, the Finance Minister “expressed his appreciation for the successful Staff Level Agreement (SLA)” and said he looked forward to early approval “to sustain the momentum of Pakistan’s reform programme.”

Aurangzeb also briefed Azour on the economic impact of the current conflict in the Middle East, describing it as “one of the most significant supply shocks in recent times.” He said the government was “actively managing the second and third order effects of the crisis, particularly in relation to economic growth and inflation”.

The Finance Minister “underlined Pakistan’s successful repayment of Eurobonds” and reaffirmed the government’s commitment to meeting “all other bilateral and multilateral external obligations in a timely manner.”

Both sides discussed progress on fiscal and structural reforms, as well as efforts to improve revenue mobilization, and agreed on “the importance of maintaining macroeconomic stability as a basis for sustainable and inclusive economic growth,” according to the statement.

The finance minister also met Saudi Fund for Development (SFD) CEO Sultan bin Abdulrahman Al-Marshad on the same day and thanked the fund for its “continued support and current and future development cooperation” with Pakistan, according to a separate post on X by the ministry.

The two sides discussed “the implications of the current conflict in the Middle East on global energy security and its potential economic impact,” with Aurangzeb expressing hope for “an early resolution of the conflict” and highlighting “the importance of continued cooperation between Pakistan and Saudi Arabia.” They reaffirmed their “strong and enduring partnership” and their commitment to strengthening economic cooperation.

Meeting US Trade Representative Jamieson Greer, the minister “underscored the importance of strengthening economic relations between Pakistan and the United States, particularly through increased trade and investment flows,” the Finance Ministry said in a post on X.

He emphasized Pakistan’s commitment to “foster an enabling business environment and improve market access to support sustainable economic partnerships.” Both sides held “constructive discussions on promoting bilateral trade and investment,” including “opportunities to expand market access for exports, facilitate greater investment flows, and deepen trade ties.”

They also “expressed satisfaction at the steady progress in ongoing trade negotiations” and reaffirmed their commitment to “achieving mutually beneficial outcomes and supporting long-term economic growth.”

In a separate meeting with Tsutomu Yamamoto of the Multilateral Investment Guarantee Agency (MIGA), Aurangzeb welcomed a proposed short-term trade finance mechanism of “up to $500 million,” calling it important to “finance critical imports, including food, fertilizer, energy and essential machinery.”

According to the ministry’s publication, Aurangzeb highlighted “the need to accelerate the progress of the mechanism to ensure timely support to Pakistan’s external financing needs.” Referring to arbitration cases, he said MIGA’s “neutral facilitation would contribute to achieving amicable resolutions, while safeguarding investor confidence and protecting national interests.”

The minister reaffirmed the government’s commitment to “encourage sustainable investment and maintain economic stability” and to continue close cooperation with MIGA.

Aurangzeb also met Google’s Vice President and Global Head of Government Affairs and Public Policy, Karan Bhatia, where he “appreciated Google’s ongoing initiatives in Pakistan, particularly its training and capacity building programs in the field of artificial intelligence.”

It “praised the company for the historic development of local assembly of Google Chromebooks in Pakistan” and its decision to open an office in the country in July 2026. Both sides discussed initiatives to promote the development of AI “in key sectors of the economy, including agriculture and manufacturing,” and reaffirmed their commitment to supporting Pakistan’s “broader digital transformation agenda.”

In addition to meeting his counterparts and financial leaders from China, Saudi Arabia, the United Arab Emirates, Turkiye and the United Kingdom, the finance minister is also expected to meet with senior officials from the State Department and the US Treasury Department. He will also speak with senior representatives of global financial institutions and corporations, including leaders of major investment institutions and banks such as Franklin Templeton, Rothschild & Co, Citibank and JPMorgan Chase.

The spring meetings will begin under the shadow of the war in the middle eastwhich has been a great shock to the world economy; a concern that also emerged at the Pakistan Conference, where participants recognized that regional conflict has created a difficult economic environment for most countries.

IMF and World Bank officials have said they would lower their global growth forecasts while raising inflation forecasts, warning that emerging markets and developing countries will be hardest hit by higher energy prices and disruptions to supply chains.