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

Washington D.C.: Federal Minister for Finance and Revenue, Senator Muhammad Aurangzeb, held discussions with key financial figures from the UAE, Saudi Arabia, and China during the IMF-World Bank Spring Meetings in Washington D.C. He engaged with Mohamed bin Hadi Al Hussaini, the UAE Minister of State for Financial Affairs; Mohammed Aljadaan, the Saudi Minister of Finance; and Lan Fo’an, the Finance Minister of China.

AIIB Financing and Panda Bond Issuance Discussed

During a meeting with Jin Liqun, President of the Asian Infrastructure Investment Bank (AIIB), Aurangzeb explored financing opportunities for both current and upcoming development projects in Pakistan. He voiced the government’s ambition to launch its inaugural Panda Bond within this year.

The discussions occurred on the sidelines of the IMF-World Bank Spring Meetings in Washington, D.C.

Key Highlights from Bilateral Meetings

Aurangzeb expressed gratitude to the AIIB for its consistent support of Pakistan’s socio-economic advancement. He also indicated Pakistan’s strong desire to maintain its engagement with the Bank.

In a separate meeting with Mohamed Bin Hadi Al Hussaini, the UAE Minister of State for Financial Affairs, Aurangzeb provided insights into Pakistan’s economic indicators, including the recent sovereign rating upgrade by Fitch, and the government’s privatization plans.

He noted that a Staff-Level Agreement (SLA) had been achieved regarding 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 investment interest from UAE investors and emphasized the importance of converting Memorandums of Understanding (MoUs) into tangible agreements. He also showed interest in learning about the UAE’s regulatory approach to cryptocurrency.

He extended an invitation to Mohamed Bin Hadi Al Hussaini to visit Pakistan.

Saudi Arabia’s Enduring Support Acknowledged

In a meeting with Saudi Finance Minister Mohammed Aljadaan, Aurangzeb conveyed appreciation for Saudi Arabia’s ongoing assistance to Pakistan’s economic progress, including backing for the IMF program.

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

China’s Support and Economic Reforms

During a meeting with Chinese Finance Minister Lan Fo’an, Aurangzeb recalled their previous meeting in Beijing in July 2024. He conveyed gratitude to the Chinese government for its unwavering support of Pakistan’s socio-economic development and its strong support for Pakistan’s economic reform program under the IMF’s Extended Fund Facility (EFF).

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

He cordially invited the Chinese Finance Minister to visit Pakistan.

Collaboration with the Gates Foundation

In a meeting with Gargee Gosh, President of Global Policy and Advocacy at the Gates Foundation, the finance minister commended the Gates Foundation’s continued support for Pakistan’s polio eradication efforts, maternal and child health and nutrition initiatives, family planning services, and vaccine delivery programs.

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

Aurangzeb requested the Foundation to sustain its support for Pakistan’s polio eradication initiative and invited participation in an upcoming awareness event on May 7, 2025, for the launch of Pakistan’s national hepatitis C elimination program.