Federal Minister for Finance and Revenue Senator Muhammad Aurangzeb continued his engagements on the fifth day of his visit to Washington DC, where he is attending the Annual Meetings of the International Monetary Fund (IMF) and the World Bank Group.
\nDuring a meeting with World Bank President Ajay Banga, the minister recalled the Prime Minister\u2019s productive engagement with him during the UN General Assembly session, said a news release.
\nHe briefed the president on the government\u2019s flood response and appreciated the Bank\u2019s support following the completion of the post-flood damage assessment.
\nSenator Aurangzeb endorsed the proposal of utilizing technology platforms and cooperatives to reach small farmers and thanked the World Bank for its technical assistance in developing Pakistan\u2019s Tariff Policy.<\/p>\n
He also apprised the President of the Memoranda of Understanding signed with provinces for the implementation of the Country Partnership Framework (CPF) and requested additional support under the IDA window in view of reduced allocations.
\nBoth sides also discussed adopting a holistic approach to reforms in the gas and power sectors.
\nThe finance minister also met with Baroness Jenny Chapman UK Minister for International Development and Africa, and expressed appreciation for the United Kingdom\u2019s longstanding development partnership with Pakistan.
\nHe acknowledged the UK\u2019s continued support for the development of the Digital Dashboard and underscored the importance of greater stakeholder consultation in project selection and implementation, as well as enhanced visibility for off-budget initiatives.
\nLater, Senator Aurangzeb participated in a high-level event titled \u201cFinancing in a Fragmented World\u201d, where he outlined the global growth headwinds anticipated for 2025\u201326, including rising trade barriers and falling energy prices.
\n In his remarks, he noted that the global economy had proven more resilient than projected earlier in 2025, despite reciprocal tariffs imposed in recent months.
\nHe viewed Pakistan\u2019s ongoing trade negotiations with U.S. authorities, engagement with Chinese leadership, new security arrangement with Saudi Arabia, and the launch of CPEC 2.0 as key geopolitical developments positively influencing Pakistan\u2019s economic outlook.
\nThe minister emphasized that global trade fragmentation was prompting countries to strengthen regional corridors and diversify trading partners.
\nHighlighting the devastating impact of recent floods in Pakistan, he termed climate change an existential challenge for the country.<\/p>\n
Senator Aurangzeb also met with Othman Boukrami, CIO and Deputy CEO of TCX, and his team.<\/p>\n
He received a briefing on TCX\u2019s operations aimed at enabling local currency lending and welcomed collaboration to support hedging mechanisms for local currency loans.
\nThe minister shared Pakistan\u2019s plans to extend the maturity profile of its domestic and external debt portfolios to mitigate refinancing and interest rate risks.
\nHe also briefed the delegation on Pakistan\u2019s intention to re-enter international capital markets through the issuance of Panda Bonds, Eurobonds, and International Sukuk, assuring a follow-up on proposals shared with the Ministry.
\nIn his meeting with Dr. Adnan Chilwan, Group CEO of Dubai Islamic Bank (DIB), the minister appreciated DIB\u2019s role as a leading global arranger of sovereign Sukuk for Pakistan.
\nHe highlighted the recently reached Staff Level Agreement (SLA) with the IMF and the subsequent ratings upgrade by international agencies.
\nHe also noted the Government\u2019s progress on privatization initiatives, including that of the First Women Bank, and reaffirmed Pakistan\u2019s focus on diversifying its funding mix across USD, Panda, and Sukuk markets.
\nThe finance minister also held meetings with the management of Sharjah Islamic Bank and Ajman Bank, thanking them for their participation in syndicated transactions.
\nHe briefed the banks on Pakistan\u2019s plan to issue its inaugural Panda Bond in the Chinese market as part of its financing diversification strategy and encouraged further engagement with the Debt Management Office for future collaboration opportunities.
\nIn a meeting with Dr. Hajar El Haddaoui, Director General of the Digital Cooperation Organization (DCO), the minister reaffirmed Pakistan\u2019s commitment to the DCO\u2019s mission of inclusive digital growth and cross-border collaboration.
\nHe outlined Pakistan\u2019s digital transformation priorities across three key verticals\u2014information technology, payment rails, and digitization of all government payments\u2014while emphasizing the importance of capacity building, skills development, and replication of successful digital models. He also welcomed the DCO\u2019s decision to expand its footprint in Pakistan.
\nSenator Aurangzeb also met with officials from Fitch Ratings, thanking the agency for upgrading Pakistan\u2019s credit rating to B- with a stable outlook, and expressed satisfaction that all three major agencies were now aligned in their assessments.
\nHe briefed the Fitch team on the recent IMF SLA, ongoing trade and tariff negotiations with the U.S. Administration, and reforms in taxation, energy, privatization, and state-owned enterprises (SOEs).
\nHe highlighted the government\u2019s continued efforts toward privatization and diversification of financing through Panda Bonds.
\nAurangzeb expressed optimism regarding further improvement in Pakistan\u2019s ratings going forward and responded to queries from the Fitch team.
\nThe minister also participated in a Roundtable on \u201cChallenges and Opportunities for the Pakistani Economy through 2025 and Beyond\u201d, organized by the Peterson Institute of International Economics (PIIE).
\nHe briefed participants on the IMF SLA, the ratings upgrade by international agencies, and the ongoing transformation journey of the Federal Board of Revenue (FBR) centered on people, process, and technology.
\nThe minister also discussed the pace of privatization and recent favorable geopolitical developments. The session concluded with an interactive Q&A segment.
\nEarlier in the day, Senator Aurangzeb attended a reception given by Axel van Trotsenburg, Senior Managing Director, World Bank in honor of President Tharman Shanmugaratnam of the Republic of Singapore and also gave an interview to China Global Television Network (CGTN), highlighting Pakistan\u2019s economic outlook, reform agenda, and international engagement priorities.<\/p>\n","protected":false},"excerpt":{"rendered":"
Federal Minister for Finance and Revenue Senator Muhammad Aurangzeb continued his engagements on the fifth day of his visit to Washington DC, where he is attending the Annual Meetings of the International Monetary Fund (IMF) and the World Bank Group. During a meeting with World Bank President Ajay Banga, the minister recalled the Prime Minister\u2019s […]<\/p>\n","protected":false},"author":2,"featured_media":509357,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[5],"tags":[],"class_list":{"0":"post-509347","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-business"},"yoast_head":"\n