Pakistan and IMF Reaffirm Commitment to Reforms in Washington Talks

Pakistan’s Finance Minister Senator Muhammad Aurangzeb launched a series of high-level meetings in Washington this week, reaffirming the country’s commitment to economic reforms and seeking deeper engagement with international financial institutions and investors. Aurangzeb, leading Pakistan’s delegation to the annual meetings of the International Monetary Fund (IMF) and World Bank Group, met with Jihad Azour, Director of the IMF’s Middle East and Central Asia Department. Both sides reviewed progress under the Extended Fund Facility and agreed on the need to maintain macroeconomic discipline and momentum on reforms. The minister also attended the Commonwealth Finance Ministers’ Meeting, where he called for concrete action to build resilience across the Commonwealth and stressed the urgent need for climate financing mechanisms, including operationalizing the Loss and Damage Fund for developing countries. In a meeting with Axel van Trotsenburg, Senior Managing Director of the World Bank Group, Aurangzeb thanked the Bank for its ongoing support and highlighted the existential threat posed by climate change to Pakistan. He cited the devastating impact of recent floods on agriculture and GDP, and called for greater investment in climate adaptation and disaster mitigation. Aurangzeb also briefed the U.S.-Pakistan Business Council on Pakistan’s improving macroeconomic indicators, emphasizing the critical role of private sector growth. He highlighted a recent trade deal with U.S. authorities and expressed optimism for increased government-to-government and business-to-business engagement in sectors such as mining, agriculture, IT, and pharmaceuticals. The session concluded with a Q&A, where Aurangzeb assured business leaders their concerns would be addressed. Earlier, the finance minister met with U.S. Treasury officials, including Assistant Secretary Robert Kaproth, to discuss Pakistan’s economic fundamentals and recent legislation regulating virtual assets. Aurangzeb welcomed the successful conclusion of tariff negotiations and invited U.S. companies to invest in Pakistan’s oil, gas, mineral, and IT sectors. Further meetings included discussions with Riccardo Puliti, Regional Vice President of the International Finance Corporation (IFC), where both sides agreed to expedite financial closure of the flagship Reko Diq project and welcomed the opening of IFC’s new regional office in Islamabad. Aurangzeb also met with Dr. Muhammad Sulaiman Al-Jasser, President of the Islamic Development Bank, to review ongoing projects and discuss continued cooperation in polio eradication, oil financing, and the development of a new Country Engagement Framework. The minister’s schedule also included talks with Citi Bank representatives, where he highlighted Pakistan’s stabilizing macroeconomic outlook and growing role as a regional hub for digital innovation and financial services. Aurangzeb’s visit featured media engagements with outlets including the Associated Press and Reuters, and concluded with a dinner hosted by Pakistan’s Ambassador to the United States, Rizwan Saeed Sheikh. The finance minister’s Washington visit underscores Pakistan’s drive to deepen economic cooperation, strengthen ties with global financial institutions, and accelerate the country’s transition from stabilization to sustainable, inclusive growth.