Finance Minister Pushes for Stronger U.S. & Saudi Investment Links Amid IMF Deal

During his packed schedule in Washington, Finance Minister Senator Muhammad Aurangzeb sought deeper investment and financial collaboration with both Saudi Arabia and the U.S., highlighting Pakistan’s economic turnaround and opening doors for new capital inflows. Aurangzeb met Mohammed Aljadaan, Saudi Arabia’s finance minister, and stressed Pakistan’s reform commitments under the IMF program. He briefed his counterpart on progress in privatizing PIA and major airports, and underlined the role of IFC and MIGA in catalyzing private investment. A key meeting with Benjamin Black, CEO of the U.S. International Development Finance Corporation (DFC), saw Aurangzeb pitch investment opportunities in sectors such as oil & gas, minerals, agriculture, IT, and pharma. He welcomed DFC’s interest in mobilizing private-sector funds. The minister also met Hiroshi Matano, Executive Vice President of MIGA, and expressed support for a proposed short-term trade finance facility. The move aims to facilitate imports of essentials like food, energy, and machinery. At the multilateral front, Aurangzeb joined the MENAP region meeting with IMF MD Kristalina Georgieva. He reiterated that macro-economic stability has been restored and welcomed the newly reached Staff-Level Agreement (SLA) with the IMF. He said Pakistan’s reform agenda continues, especially in tax, energy, SOEs, privatization, and digital transformation. He also underscored tariff policy changes aimed at enhancing export competitiveness. During a reading at the Borrowers’ Forum Roundtable, Aurangzeb addressed the tough balance between servicing high debt and doing social investment. He flagged the need for better debt management, technical capacity, and access to sustainable finance. He also held a working dinner with Pakistani entrepreneurs at Pakistan House, hosted by Ambassador Rizwan Saeed Sheikh, where he briefed them on the country’s economic outlook, regulatory reforms, and efforts to streamline taxation and energy policy. The day’s engagements were anchored by the recent IMF-Pakistan staff-level agreement, which would allow release of $1.2 billion from the Extended Fund Facility and Resilience & Sustainability Facility, pending board approval.