Federal Minister for Finance and Revenue Senator Muhammad Aurangzeb continued his engagements on the fifth day of his visit to Washington DC, where he is attending the Annual Meetings of the International Monetary Fund (IMF) and the World Bank Group.
During a meeting with World Bank President Ajay Banga, the minister recalled the Prime Minister’s productive engagement with him during the UN General Assembly session, said a news release. He briefed the president on the government’s flood response and appreciated the Bank’s support following the completion of the post-flood damage assessment.
Senator Aurangzeb endorsed the proposal of utilizing technology platforms and cooperatives to reach small farmers and thanked the World Bank for its technical assistance in developing Pakistan’s Tariff Policy. He also apprised the President of the Memoranda of Understanding signed with provinces for the implementation of the Country Partnership Framework (CPF) and requested additional support under the IDA window in view of reduced allocations. Both sides also discussed adopting a holistic approach to reforms in the gas and power sectors.
The finance minister also met with Baroness Jenny Chapman UK Minister for International Development and Africa, and expressed appreciation for the United Kingdom’s longstanding development partnership with Pakistan. He acknowledged the UK’s continued support for the development of the Digital Dashboard and underscored the importance of greater stakeholder consultation in project selection and implementation, as well as enhanced visibility for off-budget initiatives. Later, Senator Aurangzeb participated in a high-level event titled “Financing in a Fragmented World”, where he outlined the global growth headwinds anticipated for 2025–26, including rising trade barriers and falling energy prices.
In his remarks, he noted that the global economy had proven more resilient than projected earlier in 2025, despite reciprocal tariffs imposed in recent months.
He viewed Pakistan’s ongoing trade negotiations with U.S. authorities, engagement with Chinese leadership, new security arrangement with Saudi Arabia, and the launch of CPEC 2.0 as key geopolitical developments positively influencing Pakistan’s economic outlook.
The minister emphasized that global trade fragmentation was prompting countries to strengthen regional corridors and diversify trading partners. Highlighting the devastating impact of recent floods in Pakistan, he termed climate change an existential challenge for the country. Senator Aurangzeb also met with Othman Boukrami, CIO and Deputy CEO of TCX, and his team. He received a briefing on TCX’s operations aimed at enabling local currency lending and welcomed collaboration to support hedging mechanisms for local currency loans.
The minister shared Pakistan’s plans to extend the maturity profile of its domestic and external debt portfolios to mitigate refinancing and interest rate risks.
He also briefed the delegation on Pakistan’s intention to re-enter international capital markets through the issuance of Panda Bonds, Eurobonds, and International Sukuk, assuring a follow-up on proposals shared with the Ministry. In his meeting with Dr. Adnan Chilwan, Group CEO of Dubai Islamic Bank (DIB), the minister appreciated DIB’s role as a leading global arranger of sovereign Sukuk for Pakistan.
He highlighted the recently reached Staff Level Agreement (SLA) with the IMF and the subsequent ratings upgrade by international agencies. He also noted the Government’s progress on privatization initiatives, including that of the First Women Bank, and reaffirmed Pakistan’s focus on diversifying its funding mix across USD, Panda, and Sukuk markets.
The finance minister also held meetings with the management of Sharjah Islamic Bank and Ajman Bank, thanking them for their participation in syndicated transactions. He briefed the banks on Pakistan’s plan to issue its inaugural Panda Bond in the Chinese market as part of its financing diversification strategy and encouraged further engagement with the Debt Management Office for future collaboration opportunities.
In a meeting with Dr. Hajar El Haddaoui, Director General of the Digital Cooperation Organization (DCO), the minister reaffirmed Pakistan’s commitment to the DCO’s mission of inclusive digital growth and cross-border collaboration. He outlined Pakistan’s digital transformation priorities across three key verticals—information technology, payment rails, and digitization of all government payments—while emphasizing the importance of capacity building, skills development, and replication of successful digital models. He also welcomed the DCO’s decision to expand its footprint in Pakistan.
Senator Aurangzeb also met with officials from Fitch Ratings, thanking the agency for upgrading Pakistan’s credit rating to B- with a stable outlook, and expressed satisfaction that all three major agencies were now aligned in their assessments. He briefed the Fitch team on the recent IMF SLA, ongoing trade and tariff negotiations with the U.S. Administration, and reforms in taxation, energy, privatization, and state-owned enterprises (SOEs). He highlighted the government’s continued efforts toward privatization and diversification of financing through Panda Bonds.
Aurangzeb expressed optimism regarding further improvement in Pakistan’s ratings going forward and responded to queries from the Fitch team.
The minister also participated in a Roundtable on “Challenges and Opportunities for the Pakistani Economy through 2025 and Beyond”, organized by the Peterson Institute of International Economics (PIIE).