Finance Minister Muhammad Aurangzeb held a series of high-level meetings during his visit to the United States, reaffirming Pakistan’s commitment to financial stability, economic reform, and stronger international partnerships.
The visit included engagements with the World Bank, Fitch Ratings, and a roundtable discussion at the Peterson Institute for International Economics.
Focus on strengthening partnership with World Bank
During his meeting with World Bank President Ajay Banga, Minister Aurangzeb highlighted the implementation of the Country Partnership Framework with Pakistan’s provinces. He expressed gratitude for the World Bank’s support in post-flood recovery efforts and acknowledged its technical assistance in developing Pakistan’s tariff policy.
The minister also requested additional financial assistance, particularly in light of Pakistan’s low IDA (International Development Association) allocation, and stressed the importance of technology-driven platforms for effective outreach to small farmers.
He further mentioned Prime Minister Shehbaz Sharif’s recent fruitful meeting with the World Bank president, reaffirming Pakistan’s resolve to strengthen its long-term partnership with the global financial institution.
Meeting with Fitch Ratings: progress and reform highlights
In a separate meeting with Fitch Ratings officials, Muhammad Aurangzeb thanked the agency for revising Pakistan’s credit outlook from negative to stable. He expressed satisfaction that all three major global rating agencies have maintained consistency in their assessments of Pakistan’s financial trajectory.
The finance minister briefed Fitch on Pakistan’s staff-level agreement with the IMF, outlining key areas of progress, including structural reforms in energy, privatization, and government institutions. He also shared updates on the government’s accelerated privatization process, ongoing efforts to enhance financial efficiency, and the introduction of the Panda Bond in the Chinese market.
Discussions also covered trade and tariff negotiations with the US administration, with the minister underlining Pakistan’s commitment to maintaining macroeconomic stability and reform continuity. He concluded the session by addressing questions from the Fitch team and reaffirming Pakistan’s dedication to sustainable economic growth.
Outlook on Pakistan’s economy
At the Peterson Institute for International Economics, Aurangzeb participated in a roundtable, titled 'Pakistani Economy: Challenges, Opportunities, and Beyond'. He highlighted Pakistan’s recent economic progress, emphasizing the government’s focus on reform, fiscal discipline, and investment facilitation.
The minister noted that current geopolitical developments are creating new opportunities for foreign investment and economic cooperation, presenting Pakistan as a rising hub for growth in the region.
