Aurangzeb briefs Chinese, Saudi, UAE counterparts on economic developments

Aurangzeb briefs Chinese, Saudi, UAE counterparts on economic developments as he met them on sidelines of IMF-World Bank meetings in Washington D.C.

Pakistan’s Federal Finance and Revenue Minister, Senator Muhammad Aurangzeb, held key meetings with UAE Minister of State for Financial Affairs Mohamed Bin Hadi Al Hussaini, Saudi Finance Minister Mohammed Aljadaan, and China’s Finance Minister Lan Fo’an in Washington D.C. These sideline discussions took place during the IMF-World Bank Spring Meetings,

During a meeting with Jin Liqun, President of the Asian Infrastructure Investment Bank (AIIB), Aurangzeb reviewed financing for ongoing and future development projects in Pakistan and conveyed Pakistan’s intention to launch its inaugural Panda Bond within this calendar year.

According to a press release from Pakistan’s finance ministry, the AIIB meeting took place alongside the IMF-World Bank Spring Meetings in Washington D.C.

Aurangzeb expressed gratitude to AIIB for its continuous support of Pakistan’s socio-economic development and stressed the importance of sustaining strong engagement with the Bank.

In a separate meeting with UAE’s Mohamed Bin Hadi Al Hussaini, Aurangzeb provided an update on Pakistan’s economic performance, highlighting Fitch’s recent sovereign rating upgrade and the government’s privatization plans.

He also informed the UAE counterpart about Pakistan’s progress under the Extended Fund Facility (EFF), including a newly agreed Staff-Level Agreement (SLA) and a planned arrangement under the Resilience and Sustainability Facility (RSF).

Aurangzeb welcomed the UAE’s investment interest at both government and business levels and urged the transition of signed MoUs into actionable agreements. He also showed interest in the UAE’s regulatory experience with cryptocurrencies. The Minister invited Mohamed Bin Hadi Al Hussaini to visit Pakistan.

In his meeting with Saudi Finance Minister Mohammed Aljadaan, Aurangzeb thanked the Kingdom for its enduring support for Pakistan’s economic progress, including backing for the IMF program.

He appreciated Saudi investments in Pakistan, reiterated the government’s reform commitment, and extended an invitation to Aljadaan for an official visit.

When meeting Chinese Finance Minister Lan Fo’an, Aurangzeb referred to their previous interaction in Beijing and expressed gratitude for China’s continued support for Pakistan’s economic reforms under the IMF’s Extended Fund Facility.

He outlined the progress of reforms in taxation, energy, privatization, public finance, and SOEs. The Minister also discussed the Panda Bond and sought assistance from the People’s Bank of China to expedite its launch. Aurangzeb also extended a formal invitation to Lan Fo’an to visit Pakistan.

In a meeting with Gargee Gosh, President of Global Policy and Advocacy at the Gates Foundation, Aurangzeb acknowledged the foundation’s contributions to Pakistan’s health initiatives, including polio eradication, maternal and child health, and immunization.

He praised the foundation’s collaboration with the Federal Board of Revenue (FBR) on tax digitalization and discussed integrating payment systems Buna and Raast for smoother regional transactions.

The Minister urged continued support for Pakistan’s polio program and invited the Gates Foundation to attend a hepatitis C elimination campaign launch event on May 7, 2025.

Speaking at the MENAP Finance Ministers and Central Bank Governors’ session with IMF Managing Director Kristalina Georgieva, Aurangzeb noted increased global uncertainties since February’s Al-Ula Conference.

He highlighted the necessity of reforms in areas such as taxation, SOEs, energy, and government downsizing, calling Fitch’s ratings upgrade a testament to Pakistan’s reform agenda.

Aurangzeb identified agriculture, IT, and mining as key growth sectors and underlined the importance of enhancing regional trade in response to shifting global trade dynamics.

He acknowledged World Bank support through the 10-year Country Partnership Framework, which prioritizes climate change and population dynamics. He also updated participants on the SLA under the IMF’s RSF to enhance climate resilience.

The Minister expressed Pakistan’s interest in technical assistance from the IMF for institutional capacity-building and endorsed the World Bank’s strategy for job creation via private sector growth, advocating for investment-ready projects.

Aurangzeb also took part in the 13th Ministerial Meeting of the Coalition of Finance Ministers for Climate Action (CFMCA), held during the Spring Meetings.

There, he outlined Pakistan’s efforts on climate change through the Climate Prosperity Plan and Climate Finance Strategy and highlighted the World Bank’s support through the new Country Partnership Framework.

He also noted that Pakistan’s new IMF agreement under the RSF aims to ensure long-term stability amid climate threats.

Aurangzeb emphasized the integration of climate considerations into national financial strategies and pointed out the urgent need for skill development in both public and private sectors, along with bankable climate projects.