Minister of Finance promotes reform and financing agenda at meetings of the IMF and the World Bank

PAKISTAN:

Pakistan and the International Finance Corporation agreed to accelerate the financial closure of the Reko Diq project, as Finance Minister Muhammad Aurangzeb began a series of high-level engagements with global financial institutions in Washington.

During a meeting with Riccardo Puliti, International Finance Corporation (IFC) regional vice president for the Middle East, Central Asia, Turkey, Afghanistan and Pakistan, Aurangzeb praised the IFC’s role in boosting private investment under its 10-year National Partnership Framework (PPF). He also welcomed the new IFC regional office in Islamabad, calling it “a step towards deeper collaboration and greater investment momentum.”

The meetings are held on the sidelines of the IMF and World Bank Annual Meetings, where Aurangzeb represents Pakistan to maintain reform momentum and attract long-term financing.

Read: Tariff talks cloud IMF, World Bank meetings

In talks with Jihad Azour of the IMF and Axel van Trotsenburg of the World Bank, both sides reaffirmed their commitment to “maintain the momentum of reforms and macroeconomic discipline” under the review of the Expanded Fund Facility (EFS). Aurangzeb highlighted Pakistan’s climate vulnerabilities, citing the impact of floods on agriculture and GDP, and called for greater investment in adaptation and mitigation.

At the Commonwealth Finance Ministers’ Meeting, Aurangzeb urged “concrete action for a prosperous and resilient Commonwealth”, backing initiatives such as the Financial Infrastructure and Resilience Center and the Technical Assistance Fund. He stressed the need to put climate finance tools in place, including the Loss and Damage Fund.

In a separate meeting with US Treasury Undersecretary Robert Kaproth and advisor Jonathan Greenstein, Aurangzeb briefed them on Pakistan’s stabilization indicators under the IMF program and discussed new legislation on virtual assets. He invited US investors to explore opportunities in oil and gas, minerals, agriculture and IT.

In his speech to the US-Pakistan Business Council, Aurangzeb said private sector growth was key to sustaining economic momentum and assured business leaders that “all genuine concerns will be addressed.”

He also met with the President of the Islamic Development Bank (IsDB), Dr. Muhammad Sulaiman Al-Jasser, and thanked the Bank for its partnership and financing for two sections of the M-6 highway. The talks included cooperation on polio eradication, oil financing and a new National Engagement Framework (CEF).

In a meeting with Citi Bank representatives, Aurangzeb highlighted Pakistan’s “stabilizing macroeconomic outlook, supported by reforms and improvements in credit ratings,” and called the country an “emerging regional hub for digital innovation and financial services.”

The day concluded with interviews with Reuters and the AP, followed by a dinner hosted by Ambassador Rizwan Saeed Sheikh, attended by U.S. officials and community leaders.

Aurangzeb praised overseas Pakistanis for their contributions and reaffirmed the government’s resolve to “actively involve them in national development”.

FinMin is in Washington for a six-day trip to attend the week-long plenary meetings of the International Monetary Fund (IMF) and World Bank (WB), meetings that bring together finance ministers, central bankers and development leaders from around the world.

Read more: Talks with IMF stall over dispute over flood losses

His visit comes at a critical time for Pakistan’s economy, following the conclusion of talks between Islamabad and an IMF mission over the $8.4 billion loan program, which ended without a staff-level agreement (SLA).

He will also hold bilateral meetings with finance ministers from China, the United Kingdom, Saudi Arabia, Turkiye and Azerbaijan, as well as senior officials from the White House and the US Treasury.

Aurangzeb is expected to deliver a keynote address on the MENAP and G24 platforms, participate in World Economic Forum (WEF) events and attend a regional roundtable on the digital transformation of the Federal Board of Revenue (FBR).

The visit aims to promote Pakistan’s reform agenda, secure international support for economic stabilization and investment, and reinforce engagement with multilateral lenders and private investors.