Washington (TDI): Federal Minister for Finance and Revenue, Senator Muhammad Aurangzeb, held a series of high-level meetings in Washington, D.C., aimed at strengthening Pakistan’s economic cooperation and advancing its digital and financial reform agenda.
On the sidelines of the IMF–World Bank Annual Meetings, Aurangzeb met with World Bank President Ajay Banga, recalling Prime Minister Shehbaz Sharif’s engagements at the UNGA and reaffirming Pakistan’s partnership with the Bank.
The minister expressed gratitude for the Bank’s support in post-flood assessments, tariff reforms, and the Country Partnership Framework, and sought further assistance through the International Development Association (IDA). He also discussed reforms in the energy sector to ensure sustainability and efficiency.
Aurangzeb also met Dr. Adnan Chilwan, Group CEO of Dubai Islamic Bank (DIB), appreciating the bank’s role as the lead arranger for Pakistan’s sovereign Sukuk.
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He highlighted Pakistan’s recent IMF Staff Level Agreement and ratings upgrades as signs of improving economic stability. The minister briefed DIB on the privatisation of the First Women Bank and efforts to diversify funding through USD, Panda, and Sukuk markets.
Meetings with Sharjah Islamic Bank and Ajman Bank focused on enhancing financial collaboration, with Aurangzeb outlining plans for Pakistan’s inaugural Panda Bond issuance in China and encouraging close coordination with the Debt Management Office.
In a separate discussion with Dr. Hajar El Haddaoui, Director General of the Digital Cooperation Organisation (DCO), the finance minister underlined Pakistan’s digital transformation drive, highlighting progress in IT, payment systems, and digitization of government payments. He welcomed DCO’s growing footprint in Pakistan and emphasized the need for capacity building, skills development, and inclusive digital frameworks.
Aurangzeb also held talks with the Currency Exchange Fund (TCX) delegation, led by Deputy CEO Othman Boukrami, where discussions centred on local currency financing and Pakistan’s plans to extend debt maturities while tapping international markets through Panda Bonds, Eurobonds, and Sukuk.
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Later, in a meeting with Fitch Ratings officials, the minister thanked the agency for upgrading Pakistan’s credit rating to B- with a stable outlook, noting that all three major global rating agencies were now aligned in their assessments. He updated the Fitch team on Pakistan’s ongoing reforms in taxation, energy, privatization, and state-owned enterprises, and reiterated the government’s determination to accelerate privatization for fiscal stability.
Aurangzeb also mentioned recent trade and tariff negotiations with the United States, which, he said, resulted in competitive tariff rates for Pakistani exports. The meeting concluded with an interactive discussion, during which he reaffirmed Pakistan’s commitment to maintaining macroeconomic stability and sustaining reform momentum.
