WASHINGTON: Finance Minister Muhammad Aurangzeb emphasized Pakistan’s improving macroeconomic conditions during a packed schedule on the fourth day of his visit to Washington, where he attended the 2025 Spring Meetings of the International Monetary Fund (IMF) and the World Bank Group. The meetings gathered finance ministers and central bank governors from 191 nations to address pressing global issues such as sovereign debt, climate finance, and reforms to the international financial system.
Meetings with Global Corporations and Financial Institutions
Aurangzeb met with Visa’s regional Vice President Andrew Torre, commending the company’s growing footprint in Pakistan. He welcomed Visa’s plans to triple the size of its local operations and praised its collaborations with 1-Link and PayPak, which are expected to enhance digital payments, financial inclusion, and e-commerce. He assured the company of the government’s continued support in resolving operational challenges.
The finance minister also met with Philip Morris International’s vice president, where he acknowledged the firm’s long-term investment in Pakistan. He emphasized the need for stricter enforcement against illicit cigarette production and sales.
At a JP Morgan seminar, Aurangzeb presented Pakistan’s economic and monetary policy outlook, highlighting improvements such as twin fiscal and current account surpluses, lower inflation, stronger foreign reserves, and prudent debt management—all factors contributing to Fitch’s recent upgrade of Pakistan’s credit rating.
ADB, IMF, and World Bank Engagements
In a meeting with ADB President Masato Kanda, Aurangzeb expressed gratitude for ADB’s continued support, particularly its contribution through the Country Partnership Strategy 2026–2030. He discussed upcoming projects and sought backing for a partial credit guarantee for the issuance of a Panda bond, hoping to secure additional budgetary support this year. He also confirmed Pakistan’s participation in the CAREC meeting scheduled for November 2025.
During separate discussions with Fitch Ratings and Moody’s, Aurangzeb outlined Pakistan’s structural reforms in energy, taxation, public finance, and state-owned enterprises. With Moody’s, he emphasized strong economic fundamentals like record remittances, low inflation, and fiscal surpluses, while reiterating efforts to broaden the tax base.
Digital and Climate Strategy Discussions
The finance minister also met with Sangbu Kim, World Bank Vice President for Digital Transformation, sharing progress made under the Digital Pakistan policy, including the full digitization of the Federal Board of Revenue (FBR). He urged the Bank to support the Country Partnership Framework (CPF) through technological integration across government agencies.
Speaking at the Vulnerable 20 (V20) Ministerial Dialogue, Aurangzeb highlighted Pakistan’s Climate Financial Strategy and plans for climate prosperity, emphasizing the importance of capacity building and reforming global financial systems to support vulnerable economies. He also discussed Pakistan’s recent staff-level agreement with the IMF under the Resilience and Sustainability Facility (RSF), and praised the World Bank’s focus on climate resilience and decarbonization in its 10-year CPF.
Meetings with IMF and Other Stakeholders
In his meeting with Jihad Azour, IMF Director for the Middle East and Central Asia, Aurangzeb thanked the IMF for its ongoing support and reaffirmed Pakistan’s commitment to continued reforms under the Extended Fund Facility and RSF.
He also addressed members of the Pakistan Bank-Fund Staff Association, outlining the country’s progress on macroeconomic stability and development strategies focused on population growth and climate change adaptation.
The day concluded with a session with Standard Chartered Bank’s delegation, led by Roberto Hoornweg, where Aurangzeb acknowledged the bank’s support in helping bridge Pakistan’s financing gap during challenging times.
