Business Recorder
Federal Minister for Finance and Revenue Senator Muhammad Aurangzeb continued high-level engagements at the IMF–World Bank Spring Meetings in Washington, D.C., holding a series of substantive bilateral meetings with global financial leaders, development partners, and international investors, while also engaging with leading US and international media. In a press release today, the Ministry of Finance said that the finance minister in his meeting with Chinese Minister of Finance H.E. Lan Fo’an expressed deep appreciation for Beijing’s longstanding and unwavering support to Pakistan. He also appreciated the constructive role played by China’s Executive Director at the IMF in facilitating Pakistan’s programme engagements. “The Minister briefed his counterpart on Pakistan’s progress under the IMF programme, including the successful conclusion of a Staff-Level Agreement for the Third Extended Fund Facility (EFF) Review and the Second Resilience and Sustainability Facility (RSF) Review, with IMF Board approval expected in early May,” said the press release. Aurangzeb also provided an update on the issuance of Pakistan’s inaugural Panda Bond and highlighted the growing share of bilateral trade settled in Renminbi, underscoring the need for an expanded currency swap facility to support increasing trade volumes. “He appreciated China’s acknowledgement of Pakistan’s active mediation role in the ongoing regional conflict and reaffirmed Pakistan’s full and unconditional support for the establishment of the SCO Development Bank during Pakistan’s upcoming Presidency of the Shanghai Cooperation Organization (SCO). The meeting concluded with mutual appreciation for continued collaboration at both the IMF and World Bank.” Moreover, Auranzeb also held a meeting with Governor of China Dr. Pan Gongsheng. During the meeting, the finance minister highlighted Pakistan’s proactive policy response to the economic impact of the ongoing regional conflict, including targeted subsidies and demand management measures. Finance minister meets President of the International Fund for Agricultural Development In a meeting with Alvaro Lario, President of the International Fund for Agricultural Development (IFAD), Aurangzeb underscored agriculture as a national priority, while candidly acknowledging structural challenges in productivity and value chain development. READ MORE: ME conflict: Aurangzeb briefs IMF about impact on Pakistan’s economy “He highlighted the Government’s reform agenda focused on agricultural transformation, including leadership restructuring, capacity building through international training, and deregulation of key commodity sectors,” said the finance ministry. He also proposed enhanced alignment between IFAD’s programme and national priorities through direct engagement with the Prime Minister’s Agricultural Task Force. The statement said that both sides discussed innovative financing approaches, including IFAD’s evolving model of co-investment with the private sector, and agreed on exploring a more structured partnership framework with potential co-financing from the Asian Development Bank and the World Bank. The finance minister also highlighted emerging risks to fertilizer supply amid ongoing global disruptions. Auranzeb discusses Panda bonds, Eurobonds with IMF’s Clarke The minister also held a constructive meeting with Nigel Clarke of the International Monetary Fund (IMF), where he provided an update on Pakistan’s macroeconomic outlook, external financing position, and programme implementation. “He further apprised Mr. Clarke of Pakistan’s strategy to diversify financing sources, including plans for Panda bonds, Eurobonds, and local-currency instruments aimed at mitigating foreign exchange risks.” Both sides agreed on the importance of maintaining exchange rate flexibility and preserving fiscal space in light of persistent global and regional uncertainties, added the press release. Aurangzeb welcomed the upcoming IMF mission visit to Pakistan for discussions on the federal budget and programme-related matters. Meanwhile, the finance minister also held separate meetings with senior representatives of Moody’s, Rothschild & Co., and Abdulhamid Alkhalifa, Chief Executive Officer of the OPEC Fund for International Development. He also participated in a J.P. Morgan Investment Seminar titled “Pakistan: Economic and Monetary Policy Outlook, and also interacted with prominent US and international media outlets.
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