FinMin pushes reform, financing agenda at IMF–World Bank meetings | The Express Tribune

Pakistan and the International Finance Corporation have agreed to expedite the financial closure of the Reko Diq project, as Minister for Finance Muhammad Aurangzeb began a series of high-level engagements with global financial institutions in Washington.

During a meeting with Riccardo Puliti, International Finance Corporation (IFC)’s Regional Vice President for the Middle East, Central Asia, Türkiye, Afghanistan and Pakistan, Aurangzeb lauded IFC’s role in driving private investment under its 10-year Country Partnership Framework (CPF). He also welcomed IFC’s new regional office in Islamabad, terming it “a step toward deeper collaboration and increased investment momentum”.

The meetings are taking place on the sidelines of the IMF–World Bank Annual Meetings, where Aurangzeb is representing Pakistan to sustain reform momentum and attract long-term financing.

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In discussions with IMF’s Jihad Azour and the World Bank’s Axel van Trotsenburg, both sides reaffirmed commitment to “maintaining reform momentum and macroeconomic discipline” under the Extended Fund Facility (EFF) review. Aurangzeb underscored Pakistan’s climate vulnerabilities, citing floods’ impact on agriculture and GDP, and called for enhanced investment in adaptation and mitigation.

At the Commonwealth Finance Ministers’ Meeting, Aurangzeb urged “concrete actions for a resilient and prosperous Commonwealth,” backing initiatives like the Infrastructure and Financial Resilience Hub and the Technical Assistance Fund. He emphasised the need to operationalize climate financing tools, including the Loss and Damage Fund.

In a separate meeting with US Assistant Treasury Secretary Robert Kaproth and Counselor Jonathan Greenstein, Aurangzeb briefed them on Pakistan’s stabilising indicators under the IMF programme and discussed new virtual assets legislation. He invited US investors to explore opportunities in oil and gas, minerals, agriculture, and IT.

Addressing the US-Pakistan Business Council, Aurangzeb said private sector growth was key to sustaining economic momentum, assuring business leaders that “all genuine concerns will be addressed”.

He also met Islamic Development Bank (IsDB) President Dr Muhammad Sulaiman Al-Jasser, thanking the Bank for its partnership and financing for two M-6 Motorway sections. Talks included cooperation on polio eradication, oil financing, and a new Country Engagement Framework (CEF).

In a meeting with Citi Bank representatives, Aurangzeb highlighted Pakistan’s “stabilising macroeconomic outlook, backed by reforms and improving credit ratings,” and termed the country an emerging “regional hub for digital innovation and financial services.”

The day concluded with interviews with Reuters and AP, followed by a dinner hosted by Ambassador Rizwan Saeed Sheikh, attended by US officials and community leaders.

Aurangzeb praised overseas Pakistanis for their contributions and reaffirmed the government’s resolve to “actively engage them in national development”.

FinMin is in Washington for a 6-day trip to attend the weeklong plenary meetings of the International Monetary Fund (IMF) and the World Bank (WB) — gatherings that bring together global finance ministers, central bankers and development leaders.

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His visit comes at a critical juncture for Pakistan’s economy, following the conclusion of talks between Islamabad and an IMF mission over the $8.4 billion lending programme, which ended without a staff-level agreement (SLA).

He will also hold bilateral meetings with finance ministers from China, the United Kingdom, Saudi Arabia, Turkiye, and Azerbaijan, as well as senior White House and US Treasury officials.

Aurangzeb is expected to deliver a keynote address at the MENAP and G24 platforms, participate in World Economic Forum (WEF) events, and attend a regional roundtable on the digital transformation of the Federal Board of Revenue (FBR).

The visit is aimed at advancing Pakistan’s reform agenda, securing international support for economic stabilisation and investment, and reinforcing engagement with multilateral lenders and private investors.