Pakistan bolsters global economic ties at IMF, World Bank meetings

October 14, 2025 (MLN): Pakistan stepped up its international economic outreach on the sidelines of the Annual Meetings of the International Monetary Fund (IMF) and the World Bank Group (WBG), engaging in a series of high-level meetings aimed at deepening cooperation with global financial institutions, development partners and the private sector.

The engagements, led by Federal Minister for Finance and Revenue Senator Muhammad Aurangzeb, showed the government’s resolve to sustain reform momentum, attract investment, and transition the economy from stabilization to sustainable, inclusive growth.

During his first day in Washington D.C., the Finance Minister and his delegation met Mr. Jihad Azour, Director of the IMF’s Middle East and Central Asia Department, and his team.

The meeting reviewed progress under the Second Review of the Extended Fund Facility (EFF), discussed Pakistan’s reform agenda, and reaffirmed the shared commitment to macroeconomic discipline and structural reform continuity.

At the Commonwealth Finance Ministers’ Meeting, the Minister stressed the importance of collective action to build a resilient and prosperous Commonwealth, voicing support for the Commonwealth Infrastructure and Financial Resilience Hub and the Technical Assistance Fund for peer review and capacity building.

He emphasized the urgent need for climate financing for developing countries, urging the rapid operationalization of mechanisms such as the Loss and Damage Fund to support vulnerable economies like Pakistan.

In a detailed discussion with Mr. Axel van Trotsenburg, Senior Managing Director of the World Bank Group, Senator Aurangzeb appreciated the Bank’s long-term support for Pakistan’s national development priorities.

He reiterated that climate change remains an existential challenge for Pakistan, citing the devastation caused by recent floods and their impact on agriculture and GDP growth.

Both sides agreed on the need for enhanced investment in climate adaptation and mitigation, emphasizing the mobilization of additional resources to manage future natural calamities.

The Minister also participated in a business roundtable hosted by the U.S.-Pakistan Business Council (USPBC), where he highlighted the positive trajectory of Pakistan’s macroeconomic indicators and reaffirmed the government’s commitment to private sector-led growth.

He briefed participants on the successful conclusion of negotiations with the U.S. administration leading to a tariff deal, expressing optimism for expanded government-to-government (G2G) and business-to-business (B2B) engagements in mining, agriculture, information technology, and pharmaceuticals.

He assured the business community that the government remains fully committed to addressing private sector challenges and facilitating foreign investment.

The interactive session concluded with a Q&A in which the Minister assured business leaders that their genuine concerns would be addressed.

Earlier, Senator Aurangzeb met Mr. Robert Kaproth, Assistant U.S. Treasury Secretary for International Finance, and Counselor Jonathan Greenstein, where he highlighted Pakistan’s strong economic fundamentals under the ongoing IMF program.

He welcomed the tariff deal with U.S. authorities and informed Treasury officials about Pakistan’s new legislation regulating virtual assets.

The Minister invited U.S. companies to explore investment opportunities in oil and gas, mineral resources, agriculture and IT sectors.

Continuing his engagements, the Finance Minister met Mr. Riccardo Puliti, Regional Vice President of the International Finance Corporation (IFC) for the Middle East, Central Asia, Türkiye, Afghanistan and Pakistan.

He appreciated IFC’s longstanding partnership and its efforts to scale up private sector investment through multi-billion-dollar initiatives under the 10-year Country Partnership Framework (CPF).

Both sides agreed to expedite the financial closure of IFC’s flagship Reko Diq project, and the Minister welcomed the establishment of IFC’s new regional office in Islamabad, which will further strengthen collaboration and support for Pakistan’s investment climate.

In another high-level meeting, Senator Aurangzeb engaged with Dr. Muhammad Sulaiman Al-Jasser, President of the Islamic Development Bank (IsDB), expressing gratitude for the Bank’s longstanding support.

They reviewed the current portfolio of IsDB-financed projects in Pakistan, with emphasis on accelerating implementation.

The Minister thanked the Bank for its financing approval for two sections of the M-6 Motorway and discussed continued cooperation in polio eradication efforts, the oil financing facility, and the development of a new Country Engagement Framework (CEF) for Pakistan.

The Finance Minister also held a productive meeting with representatives of Citi Bank, acknowledging the institution’s historic partnership with Pakistan and its continued engagement.

He provided an overview of Pakistan’s stabilizing macroeconomic outlook, driven by structural reforms and positive assessments by international credit rating agencies.

He also highlighted Pakistan’s emerging role as a regional hub for digital innovation and financial services, assuring that the government would give due consideration to Citi’s investment proposals.

Alongside official meetings, Senator Aurangzeb interacted with U.S. and international media, including Reuters and the Associated Press, sharing insights into Pakistan’s reform priorities, investment opportunities, and climate resilience strategies.

In the evening, Pakistan’s Ambassador to the United States Mr. Rizwan Saeed Sheikh hosted a dinner in honor of the visiting delegation, attended by members of the Pakistani community and key stakeholders.

The Finance Minister’s engagements in Washington D.C. underline the government’s strategic focus on economic diplomacy, aiming to deepen cooperation with international financial institutions, strengthen ties with bilateral partners, and accelerate Pakistan’s transition from stabilization to sustainable growth.

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