IMF Director General Appreciates Pakistan’s Reform Progress, Macroeconomic Stability

International Monetary Fund (IMF) Managing Director Kristalina Georgieva on Thursday appreciated the ongoing progress of Pakistan’s economic reform during her interaction with Finance Minister Muhammad Aurangzeb at the IMF and World Bank 2026 spring meetings.

In a statement on X, he said: “Pakistan’s strong implementation of its reform program has helped maintain macroeconomic stability and build investor confidence.” He added that “sound economic policies, coupled with deeper structural reforms, will be critical to sustaining growth and improving the well-being of the people of Pakistan.”

The finance minister held a series of high-level meetings and multilateral engagements on the third day of the 2026 Spring Meetings of the IMF and the World Bank in Washington, DC, highlighting the country’s economic stabilization, reform trajectory and global economic engagement, the finance ministry said on X

On the sidelines of the launch of the Borrower Platform, the Minister of Finance met with the Secretary General of the United Nations, António Guterres. The ministry said Aurangzeb appreciated his participation and support in creating the platform.

According to the statement, both sides exchanged views on the global economic implications of the evolving situation in the Middle East, in particular its impact on food and energy security in developing countries.

“The Secretary-General commended Pakistan’s constructive role in promoting peace and stability in the region and beyond,” the statement said.

Aurangzeb also participated in the 15th Ministerial Meeting of the Coalition of Finance Ministers for Climate Action (CFMCA) held under the theme “Climate action as a driver of growth, jobs and competitiveness”.

He highlighted Pakistan’s fiscal resilience, noting that while the country required international assistance during the 2022 floods, it was able to mobilize domestic resources in response to a similar climate crisis in 2025.

The finance minister outlined green finance reforms, including the State Bank’s Green Taxonomy Guidelines, and said Pakistan had 8,000 mw of solar power installed with a target of 90% renewable energy generation in the next decade.

Read: Aurangzeb hopes for early IMF board approval

He also appreciated international partners, including the IMF’s Resilience and Sustainability Facility (RSF) and the World Bank’s National Partnership Framework.

At the launch of the Borrower Platform, the Finance Minister highlighted the challenges facing developing economies amid rising borrowing costs and limited fiscal space.

He said: “The platform fills a critical gap by providing a voluntary, member-driven forum to share experiences and amplify the collective voice of borrowing nations in global financial governance.”

He also recognized Egypt’s leadership and the UN Secretary-General’s advocacy to reform the global financial architecture.

Atlantic Council Policy Forum

At a policy forum titled “Pakistan’s Path to Reform and Resilience”, the Finance Minister highlighted the macroeconomic stabilization achieved through fiscal discipline and the IMF-backed reform programme.

Aurangzeb said Pakistan had played a constructive global role, including facilitating a ceasefire between the United States and Iran.

He also highlighted reforms including privatization, the renewal of federal ministries and improvements in public finance management. “We are committed to strengthening governance through digital transformation to improve service delivery and reduce leakages,” he added.

He further said that Pakistan-US relations were moving from an aid-based partnership to a trade-based one, with growing cooperation on critical minerals and infrastructure.

Meeting with Fitch Ratings

In meetings with Fitch Ratings, Aurangzeb thanked the agency for reaffirming Pakistan’s B- credit rating. He also highlighted the Staff Level Agreement with the IMF under the Expanded Fund Facility (EFF) and the second review under the RSF.

He said Pakistan had raised enough external financing to meet its FY2026 obligations and outlined plans to diversify access to the international capital market through Panda bonds, Eurobonds, International Sukuk and ESG bonds.

Aurangzeb participated in a high-level session with the Managing Director of the IMF and finance ministers and central bank governors of the MENAP region.

He described the Middle East crisis as a global supply shock and detailed Pakistan’s policy response, including adjustments in procurement, pricing and logistics, and a shift toward targeted subsidies.

It also said it was coordinating with the State Bank of Pakistan (SBP) to assess the macroeconomic effects.

Meeting with the Asian Development Bank

Aurangzeb met with Masato Kanda, president of the Asian Development Bank (ADB), where he highlighted the Country Partnership Strategy as a milestone in cooperation.

He appreciated ADB’s support, including credit enhancement for Pakistan’s first Panda Bond, and discussed coordinated responses to global supply shocks.

He also invited the ADB president to visit Pakistan.

The Minister of Finance met with senior managers from Franklin Templeton on Privatization and Capital Markets and JPMorgan Chase, Capital Markets and Financing Strategy, updating them on the privatization program and noting that almost 30 state-owned companies had been transferred to the Privatization Commission.

It highlighted opportunities in infrastructure, aviation and energy, and outlined plans to return to international capital markets through the Global Medium-Term Note (GMTN) program.

He also mentioned reforms, including the establishment of Pakistan Virtual Asset Regulatory Authority (PVARA).

At the Citi Macro Forum, Aurangzeb said Pakistan had reached a staff-level agreement with the IMF, and Board approval was expected shortly.

He highlighted Pakistan’s response to global supply shocks and emerging opportunities, including increasing traffic volumes at Karachi Port and Gwadar’s potential as a strategic trade corridor.

He also highlighted the importance of strategic reserves and accelerating the transition to renewable energy.