Finance Minister Engages with Global Counterparts at IMF-World Bank Meetings

WASHINGTON: On the sidelines of the IMF-World Bank Spring Meetings in Washington, D.C., Federal Minister for Finance and Revenue, Senator Muhammad Aurangzeb, held discussions with key financial leaders from the UAE, Saudi Arabia, and China.

Aurangzeb met with the UAE Minister of State for Financial Affairs, Mohamed bin Hadi Al Hussaini, Saudi Minister of Finance, Mohammed Aljadaan, and Finance Minister of China, Lan Fo’an, to explore avenues for collaboration and investment.

Discussions with Asian Infrastructure Investment Bank (AIIB)

During a meeting with Asian Infrastructure Investment Bank (AIIB) President Jin Liqun, Aurangzeb explored bank financing for both current and prospective development projects in Pakistan. He conveyed the government’s commitment to launching the inaugural Panda Bond issuance this year.

Aurangzeb expressed gratitude to the AIIB for its continued backing of Pakistan’s socio-economic advancement and emphasized the country’s desire to maintain strong engagement with the Bank.

Meeting with UAE Minister of State for Financial Affairs

In his discussion with Mohamed Bin Hadi Al Hussaini, Minister of State for Financial Affairs of the United Arab Emirates, Aurangzeb provided updates on Pakistan’s economic indicators, the recent upgrade in its sovereign rating by Fitch, and the government’s privatization plans.

He noted the Staff-Level Agreement (SLA) reached for the first review under Pakistan’s Extended Fund Facility (EFF) and a new arrangement under the Resilience and Sustainability Facility (RSF).

Aurangzeb acknowledged the strong interest of UAE investors at both governmental and business levels, stressing the significance of converting Memorandums of Understanding (MoUs) into definitive agreements. He also expressed interest in understanding the UAE’s regulatory framework for cryptocurrency.

He invited Mohamed Bin Hadi Al Hussaini to visit Pakistan.

Talks with Saudi Finance Minister

During the meeting with Saudi Minister of Finance Mohammed Aljadaan, Aurangzeb conveyed appreciation for Saudi Arabia’s enduring support for Pakistan’s economic progress, including its assistance with the IMF program.

He welcomed Saudi investments in Pakistan and reaffirmed the government’s dedication to ongoing reforms. An invitation was extended to Aljadaan to visit Pakistan.

Engagement with Chinese Finance Minister

In his discussions with Finance Minister of China Lan Fo’an, Aurangzeb recalled their previous meeting in Beijing in July 2024 and thanked the Chinese government for its consistent support for Pakistan’s socio-economic development, along with its strong endorsement of Pakistan’s economic reform program, supported by the IMF’s Extended Fund Facility (EFF).

He updated the Chinese delegation on crucial reforms underway in taxation, energy, privatization, public finance, and state-owned enterprises (SOEs). Aurangzeb also provided an update on the Panda Bond status and sought support from the People’s Bank of China (PBOC) to expedite the issuance process.

He also invited the Chinese Finance Minister to visit Pakistan.

Meeting with Gates Foundation

Separately, the finance minister met with Gargee Gosh, President of Global Policy and Advocacy at the Gates Foundation. He expressed gratitude for the Foundation’s continued contributions to Pakistan’s efforts in polio eradication, maternal and child health and nutrition initiatives, family planning services, and vaccine delivery and immunization programs.

He praised the Foundation’s partnership with the Federal Board of Revenue (FBR) in implementing tax system digitalization to transform it into a digital tax administration. Discussions also covered the integration of Buna and Raast payment platforms to facilitate seamless regional payments.

The minister urged the Foundation to maintain its support for Pakistan’s polio eradication campaign and invited them to participate in the upcoming awareness event on May 7, 2025, for the launch of Pakistan’s national hepatitis C elimination program.