ISLAMABAD: Finance Minister Senator Muhammad Aurangzeb engaged with leaders from various international financial institutions (IFIs) in Washington on Thursday, reaffirming Pakistan’s commitment to entering global capital markets by issuing its inaugural Panda Bond.
These discussions took place during the World Bank-IMF Annual Meetings, which are being held in the US capital from October 21 to 26. Aurangzeb is leading a delegation that includes Finance Secretary Imdad Ullah Bosal, Secretary of Economic Affairs Dr. Kazim Niaz, and State Bank of Pakistan (SBP) Governor Jameel Ahmad.
During his meeting with Islamic Development Bank (IsDB) President Dr. Muhammad Sulaiman Al Jasser, the finance minister acknowledged the bank’s vital role in Pakistan’s development and appreciated its financing across various sectors, including energy, transportation, education, and health. He also discussed the recent visit of Saudi Minister for Investment Khalid A Al-Falih to Pakistan, focusing on business engagements with the private sector.
Aurangzeb praised the IsDB’s investment in the Mohmand Dam, highlighting it as a model for future co-financing of similar projects with members of the Arab Coordination Group.
In a separate meeting with representatives from JP Morgan Bank, the finance minister provided an overview of the positive developments in Pakistan’s economic outlook following the successful conclusion of the Stand-By Arrangement (SBA). He emphasized the importance of the Extended Fund Facility (EFF) for maintaining macroeconomic stability and executing structural reforms, including taxation, privatization, and restructuring state-owned enterprises (SOEs).
While meeting with World Bank Managing Director of Operations Ms. Anna Bjerde, Aurangzeb discussed Pakistan’s development priorities under the Country Partnership Framework (CPF). He also introduced the Joint Domestic Resource Mobilisation Initiative (JDRMI) being launched with support from the World Bank and IMF. He expressed gratitude for the decision to waive commitment fees for four years on Program-for-Results Financing (PforR) and Investment Project Financing (IPF) instruments.
Aurangzeb welcomed the recent improvements in disbursements and suggested organizing capacity-building workshops for implementing agencies to enhance project preparation and implementation.
In a meeting with Mashreq Bank leadership, he expressed satisfaction with the bank’s plans to expand operations in Pakistan and launch a new office soon, hoping for expedited approval of its digital banking license.
Additionally, Aurangzeb met with Ms. Anneliese Dodds, UK Minister of State for Development, Women, and Equalities. He praised the enduring partnership between the UK and Pakistan in the development sector and welcomed the UK’s contribution of $120 million to the IFC’s Climate Investment Funds for Pakistan. He informed her that the State Bank of Pakistan had cleared the backlog of profit and dividend repatriation cases and invited UK companies to invest in agriculture, IT, mining, and minerals, highlighting emerging opportunities due to an improved investment climate.
The finance minister also participated in the Small Talks Forum hosted by Bank of America (BofA) Securities, where he outlined the government’s macroeconomic stabilization efforts and economic performance over the past year. He reiterated the government’s commitment to reforms under the EFF, including in taxation, energy, privatization, and SOEs, and emphasized plans to tap into international capital markets in the near future, inviting partnerships in agriculture, IT, mining, and renewable energy sectors.
