FinMin begins strategic engagements at 2025 IMF, World Bank Spring Meetings

April 22, 2025 (MLN): Kicking off Pakistan’s participation in the 2025 Spring Meetings of the International Monetary Fund (IMF) and the World Bank Group, Finance Minister Senator Muhammad Aurangzeb held a series of high-level meetings in Washington, D.C.

In his first meeting of the day, the Finance Minister met with the Deloitte delegation and apprised them of Pakistan’s macroeconomic outlook, the government’s sectoral development agenda, and its export-led growth priorities.

Both sides explored potential collaboration in energy sector reforms, critical minerals extraction and marketing, privatization, technology, crypto policy, and the operationalization of the Country Partnership Framework (CPF).

Minister Aurangzeb also welcomed Deloitte’s planned visit to Pakistan in May 2025 to further deepen engagement, as per the press release issued.

Later, the Finance Minister met with Hela Cheikhrouhou, Regional Vice President of the International Finance Corporation (IFC), and discussed private sector reforms, energy transition, sound municipal finance, and full employment initiatives.

He reviewed progress on Diversified Payment Rights (DPR) and commended the IFC’s pivotal role in securing $2.5 billion in debt financing for the Reko Diq Copper & Gold Mine Project in Balochistan.

The Minister emphasized the importance of ensuring that local communities benefit from the project’s economic gains.

During his meeting with IMF Managing Director Kristalina Georgieva, Minister Aurangzeb thanked the IMF team for reaching a Staff-Level Agreement on the First Review under the Extended Fund Facility (EFF) and a new arrangement under the Resilience and Sustainability Facility (RSF).

He reiterated the Government of Pakistan’s commitment to maintaining the reform momentum and extended an invitation from the Prime Minister of Pakistan for Georgieva to visit the country.

The Finance Minister also held a meeting with Robert Kaproth, Assistant Secretary of the U.S. Department of the Treasury, and briefed him on Pakistan’s improving macroeconomic indicators.

He highlighted ongoing reforms in taxation, energy, privatization, state-owned enterprises (SOEs), pensions, and debt management.

The Minister underscored the significance of the World Bank’s Country Partnership Framework (CPF) in addressing Pakistan’s critical challenges, including population growth and climate resilience.

In his productive meeting with Ajay Banga, President of the World Bank Group, the Finance Minister expressed gratitude to the World Bank for its historical support to Pakistan and commended its leadership in developing a transformative CPF—a decade-long strategic roadmap centered around measurable impacts and outcomes.

He appreciated the World Bank’s ongoing assistance in crafting a comprehensive implementation strategy and action plan to operationalize the CPF while simultaneously enhancing overall efficiency.

The Minister also provided a detailed overview of Pakistan’s macroeconomic turnaround and reaffirmed the government’s unwavering commitment to ensuring sustainable economic stability.

Earlier in the day, at a luncheon hosted by the US-Pakistan Business Council at the U.S. Chamber of Commerce, the Finance Minister engaged with American corporate leaders.

He detailed Pakistan’s economic progress and reform measures in taxation, energy, state-owned enterprises (SOEs), and privatization.

He emphasized the importance of regional trade, market diversification, and sectoral expansion.

 He thanked the U.S. delegation for participating in the Pakistan Mineral Investment Forum 2025 and expressed Pakistan’s commitment to continued collaboration in the mining and minerals sector.

Finance Minister Senator Muhammad Aurangzeb concluded the day by holding a meeting with Mohamed Nasheed, Secretary General of the Climate Vulnerable Forum & Vulnerable 20 (CVF-V20).

Minister Aurangzeb appreciated the recent visit of the CVF Secretariat team to Pakistan and the collaborative efforts to develop a Climate Prosperity Plan (CPP), which identifies financing avenues for climate-resilient projects.

He highlighted Pakistan’s landmark decade-long CPF with the World Bank, noting that four of its six key outcomes directly address Pakistan’s existential challenges of climate change and population pressures.

The Minister also briefed on progress under the IMF’s Resilience and Sustainability Facility (RSF) and reiterated Pakistan’s commitment to finalizing CPP projects through a phased financing approach.

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