ISLAMABAD: Federal Minister for Finance and Revenue Senator Muhammad Aurangzeb concluded his visit to Washington DC with a series of important meetings on the final day of his participation in the Annual Meetings of the International Monetary Fund (IMF) and the World Bank.
The minister met with the senior management of Abu Dhabi Commercial Bank (ADCB) and briefed them on the launch of Pakistan’s Panda Bond and the refreshing of the Global Medium-Term Note (GMTN) programme, said a news release.
He provided an update on the progress of the privatization programme, expressing optimism about the accelerated privatization of the national carrier.
Senator Aurangzeb informed the ADCB team that the Government of Pakistan was close to achieving financial close on the Reko Diq project and looked forward to the participation of Exim Bank.
He encouraged the Bank to take direct exposure in Pakistan’s financial sector and intermediate trade and investment flows.
In a separate meeting with the senior management of JP Morgan, the Finance Minister shared details of the upcoming inaugural launch of the Green Panda Bond in the Chinese market. He also gave a comprehensive overview of the privatization programme, including the G2G sale of First Women Bank, recently approved by the Federal Cabinet.
Senator Aurangzeb highlighted growing U.S. company interest in the Reko Diq project and anticipated Exim Bank’s early participation in the syndication process.
He also discussed avenues for digital collaboration between Saudi Arabia and Pakistan through the GO AI Hub and encouraged JP Morgan to explore further areas of partnership.
The Finance Minister also met with Mehmet Simsek, Minister of Treasury and Finance of Türkiye, where both sides reaffirmed the strong bilateral ties and frequent leadership-level engagements between the two countries.
Senator Aurangzeb highlighted Pakistan’s ongoing reforms in taxation, energy, state-owned enterprises (SOEs), privatization, and public finance.
He referred to the World Bank-hosted event showcasing the transformation journey of Pakistan’s Federal Board of Revenue (FBR) and agreed on the importance of enhancing the tax-to-GDP ratio and integrating data across government agencies.
In his meeting with Makhtar Diop, Managing Director of the International Finance Corporation (IFC), Senator Aurangzeb welcomed the IFC’s decision to upgrade Pakistan as a regional hub.
He briefed the MD on progress made on the Reko Diq project and expressed hope that Exim Bank would soon join the financing consortium.
The minister appreciated IFC’s ongoing support in subnational finance and Digital Payment Rights (DPR), as well as its advisory services in the pharmaceutical, electric vehicle (EV), and commodity exchange sectors.
He also welcomed the forthcoming visit of the IFC Managing Director to Pakistan during the Spring Meetings and witnessed the signing of a Swap Agreement between the State Bank of Pakistan (SBP) and IFC.
Senator Aurangzeb also participated in the 15th V20 Ministerial Dialogue on “Cost of Capital, Debt & Growth Pathways.” In his remarks, he highlighted the devastating impact of recurring floods in Pakistan, stressing the government’s commitment to funding rescue and relief operations from its own resources.
He appreciated the support of the CVF-V20 Secretariat in developing Pakistan’s Climate Prosperity Plan (CPP) and noted that funding was available through the Country Partnership Framework (CPF) to operationalize it.
The Minister called for the urgent operationalization of the Loss and Damage Fund and emphasized the need for expedited decision-making within the Green Climate Fund (GCF).
During his visit, the minister also engaged with US-based Pakistani media, where he provided a comprehensive briefing on his weeklong discussions and engagements with international financial institutions, partner countries, and private sector stakeholders.
Senator Muhammad Aurangzeb’s participation in the IMF-World Bank Annual Meetings and his extensive engagements with global financial institutions reaffirm Pakistan’s commitment to economic reform, fiscal responsibility, and international cooperation.