Finance Minister Aurangzeb Reaffirms Pakistan’s Commitment to Reforms During IMF Meeting

WASHINGTON – In efforts to stabilize the country’s economy and enhance financial performance, Federal Finance Minister Muhammad Aurangzeb reiterated Pakistan’s commitment to ongoing economic reforms during a meeting with IMF Managing Director Kristalina Georgieva, according to a reports.

The discussion, held during the World Bank/IMF Spring Meetings 2025 in Washington, allowed the Finance Minister to express appreciation for the recent Staff-Level Agreement on Pakistan’s First Review under the Extended Fund Facility (EFF), as well as a new arrangement under the Resilience and Sustainability Facility (RSF).

This meeting is part of Aurangzeb’s visit to Washington, where he is holding a series of significant meetings aimed at supporting Pakistan’s broader economic revival strategy.

Last month, Islamabad reached a deal with the IMF for a new $1.3 billion arrangement and agreed on the first review of the ongoing 37-month, $7 billion bailout program. The new deal, which will last 28 months, is designed to help Pakistan address climate-related challenges. Once approved by the IMF board, Pakistan will be eligible for around $1 billion in disbursements under the EFF, bringing the total assistance under the program to roughly $2 billion.

Apart from his meeting with the IMF Managing Director, Aurangzeb also had a productive conversation with World Bank President Ajay Banga, where he thanked the bank for its historic support to Pakistan and for leading the development of a decade-long Country Partnership Framework (CPF) with a focus on measurable impacts. During this meeting, the Finance Minister provided a comprehensive update on Pakistan’s macroeconomic recovery and reiterated the country’s determination to achieve sustainable economic stability.

In Washington, Aurangzeb also met with Robert Kaproth, Assistant Secretary of the U.S. Department of the Treasury, to brief him on Pakistan’s economic performance. He outlined ongoing reforms in taxation, energy, privatization, state-owned enterprises (SOEs), pensions, and debt management.

Additionally, the Finance Minister highlighted the World Bank’s CPF as a vital tool in addressing Pakistan’s key challenges, including population growth and climate change.

As part of his visit, the Pakistani delegation also met with American business leaders at a luncheon hosted by the U.S.-Pakistan Business Council at the U.S. Chamber of Commerce. During the event, Aurangzeb discussed the importance of expanding regional trade, diversifying markets, and improving various sectors in Pakistan. He also shared positive updates on the country’s economic indicators and ongoing reforms.

The Finance Minister Aurangzeb also had a meeting with Hela Cheikhrouhou, Regional Vice President at the International Finance Corporation (IFC), where they explored potential collaboration in areas like private sector reform, energy transition, municipal finance, and promoting full employment. Additionally, they discussed the progress of the Diversified Payment Rights (DPR) initiative, with the Finance Minister commending the IFC’s efforts in securing $2.5 billion in debt financing for the Reko Diq Copper and Gold Mine Project in Balochistan.

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