Washington (TDI): Finance Minister Muhammad Aurangzeb met World Bank President Ajay Banga in Washington to discuss Pakistan’s ongoing flood recovery efforts and economic reform agenda, the Ministry of Finance said on Saturday.
The meeting took place on the sidelines of the annual meetings of the International Monetary Fund (IMF) and the World Bank, where Aurangzeb has been on a six-day visit from October 13 to 18.
According to an official statement, the minister briefed Banga on the government’s comprehensive response to last year’s devastating floods and commended the Bank’s support following the completion of the post-disaster damage and needs assessment.
Aurangzeb backed the idea of using digital platforms and cooperative models to reach small farmers more effectively and strengthen agricultural resilience. He also thanked the World Bank for its technical assistance in shaping Pakistan’s new tariff policy and informed the president about the memorandums of understanding signed with provincial governments for the rollout of the Country Partnership Framework (CPF).
Read More: Aurangzeb Strengthens Economic, Digital Cooperation in Washington Meetings
Recalling Prime Minister Shehbaz Sharif’s earlier meeting with Banga at the UN General Assembly, the minister reaffirmed Pakistan’s commitment to deepening its engagement with the World Bank. He also requested enhanced assistance under the International Development Association (IDA) in view of reduced funding allocations.
The two sides discussed the need for comprehensive reforms in Pakistan’s power and gas sectors to ensure long-term sustainability and efficiency.
Aurangzeb also met officials from Fitch Ratings, expressing appreciation for upgrading Pakistan’s credit rating to B- with a stable outlook. He noted that all three major international rating agencies were now aligned in their assessments of Pakistan’s economy.
The minister briefed the Fitch team on the Staff-Level Agreement reached with the IMF and outlined progress on key reforms in taxation, energy, privatisation, and state-owned enterprises.
He reiterated the government’s determination to fast-track privatisation to boost efficiency and fiscal stability. Aurangzeb also informed Fitch representatives about plans to issue Panda Bonds in the Chinese market and highlighted successful tariff negotiations with the U.S., which he said had resulted in more competitive rates for Pakistani exports.
Read More: Aurangzeb Rules Out UN Aid, Says Pakistan’s Own Resources Enough for Flood Relief
During his visit, the finance minister also met UK Minister for International Development and Africa Baroness Jenny Chapman. Aurangzeb thanked the UK for its long-term partnership and support for Pakistan’s reform and growth efforts, particularly acknowledging cooperation on the Digital Dashboard initiative, aimed at improving project transparency and monitoring.
He stressed the need for greater consultation with stakeholders when selecting and implementing development projects to ensure alignment with national priorities and called for better coordination and visibility of off-budget projects to improve oversight. Both sides reaffirmed their commitment to strengthening Pakistan–UK development cooperation.
Aurangzeb also joined a roundtable discussion titled “Challenges and Opportunities for the Pakistani Economy Through 2025 and Beyond”, hosted by the Peterson Institute for International Economics (PIIE).
He shared Pakistan’s recent macroeconomic achievements, including the IMF staff-level agreement and credit rating upgrades, and provided updates on reforms within the Federal Board of Revenue (FBR).
The minister reaffirmed the government’s commitment to maintaining reform momentum, accelerating privatisation, and leveraging improving geopolitical conditions that he said were opening new avenues for trade, investment, and economic cooperation.
