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

WASHINGTON: Senator Muhammad Aurangzeb, the Federal Minister for Finance and Revenue, held discussions with key financial figures during the IMF-World Bank Spring Meetings in Washington, D.C. These included 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.

During a meeting with Jin Liqun, President of the Asian Infrastructure Investment Bank (AIIB), Aurangzeb explored the possibility of AIIB financing for both current and prospective development projects in Pakistan. He conveyed the government’s intention to move forward with the debut issuance of a Panda Bond within this year.

The discussions occurred alongside the IMF-World Bank Spring Meetings in Washington, D.C., according to a statement released by the Finance Division on Thursday.

Key Highlights from the Meetings

Aurangzeb conveyed gratitude to the AIIB for its consistent backing of Pakistan’s socio-economic advancement. He also emphasized Pakistan’s commitment to maintaining its collaboration with the Bank. In a separate engagement with Mohamed Bin Hadi Al Hussaini, the UAE Minister of State for Financial Affairs, Aurangzeb provided insights into Pakistan’s economic performance, the recent upgrade in its sovereign rating by Fitch, and the government’s privatization strategy.

He also shared that a Staff-Level Agreement (SLA) had been successfully negotiated for the initial review under Pakistan’s Extended Fund Facility (EFF) and a new arrangement within the Resilience and Sustainability Facility (RSF).

Aurangzeb acknowledged the strong interest of UAE investors at both governmental and business levels, highlighting the need to convert Memorandums of Understanding (MoUs) into tangible agreements. He also voiced interest in gaining insights from the UAE’s regulatory approach to cryptocurrency.

An invitation was extended to Mohamed Bin Hadi Al Hussaini to visit Pakistan.

In his meeting with Saudi Finance Minister Mohammed Aljadaan, Aurangzeb expressed appreciation for Saudi Arabia’s continued and robust support for Pakistan’s economic development efforts, including its support for the IMF program.

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

During his discussion with Chinese Finance Minister Lan Fo’an, Aurangzeb referenced their prior meeting in Beijing in July 2024 and thanked the Chinese government for its steadfast support of Pakistan’s socio-economic progress and its firm endorsement of Pakistan’s economic reform agenda, which is backed by the IMF’s Extended Fund Facility (EFF).

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

The press release noted that a formal invitation was extended to the Chinese Finance Minister to visit Pakistan.

Separately, in a meeting with Gargee Gosh, President of Global Policy and Advocacy at the Gates Foundation, the Finance Minister expressed gratitude for the Gates Foundation’s ongoing support for Pakistan’s initiatives, including polio eradication, maternal and child health and nutrition, family planning services, and vaccine delivery and immunization programs.

He commended 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 smooth regional payments.

The minister requested the Foundation’s continued support for Pakistan’s polio eradication efforts and extended an invitation to participate in the upcoming awareness event on May 7, 2025, marking the launch of Pakistan’s national hepatitis C elimination program.