Pakistan finance minister wraps up IMF–World Bank meetings, pushes reform and climate finance agenda

Pakistan’s Finance Minister Senator Muhammad Aurangzeb has concluded a weeklong visit to Washington, D.C., where he led the country’s delegation to the Annual Meetings of the International Monetary Fund (IMF) and the World Bank.

The visit, which ended Oct. 18, centered on advancing Pakistan’s reform agenda, accelerating privatization, and securing support for climate finance.

On the final day of his trip, Aurangzeb met with executives from Abu Dhabi Commercial Bank (ADCB) to discuss Pakistan’s financial instruments, including the planned issuance of a Panda Bond and the refresh of its Global Medium-Term Note (GMTN) program.

He provided updates on the government’s privatization efforts, including progress toward privatizing the national airline. The minister said Pakistan was nearing financial closure on the Reko Diq mining project and urged ADCB to increase its exposure in Pakistan’s financial sector.

In a separate meeting with JP Morgan, Aurangzeb discussed the upcoming launch of Pakistan’s first Green Panda Bond in the Chinese market and the government-to-government sale of First Women Bank, recently approved by the federal cabinet.

He noted growing interest from U.S. companies in the Reko Diq project and called for early participation from Exim Bank in the syndication process. The minister also highlighted digital partnership opportunities through Pakistan’s GO AI Hub, a proposed collaboration platform with Saudi Arabia.

Aurangzeb also held bilateral talks with Turkish Finance Minister Mehmet Şimşek. The two reaffirmed the strength of Pakistan-Türkiye relations and discussed reforms in tax policy, energy, state-owned enterprises, and public finance.

He referenced recent efforts to modernize the Federal Board of Revenue (FBR), showcased during a World Bank event, and emphasized the need to increase the tax-to-GDP ratio through better inter-agency data integration.

Meeting with Makhtar Diop, Managing Director of the International Finance Corporation (IFC), Aurangzeb welcomed the IFC’s decision to upgrade Pakistan to a regional hub. He discussed IFC’s advisory and financing support in sectors such as pharmaceuticals, electric vehicles, and commodity exchanges.

The two witnessed the signing of a swap agreement between the State Bank of Pakistan and IFC. Aurangzeb also noted IFC’s ongoing role in supporting subnational finance and digital payment initiatives.

At the 15th V20 Ministerial Dialogue on “Cost of Capital, Debt & Growth Pathways,” Aurangzeb addressed the economic toll of recurring climate disasters in Pakistan, including floods.

He reiterated Pakistan’s commitment to self-financing emergency relief and called on the international community to expedite the operationalization of the Loss and Damage Fund and decision-making within the Green Climate Fund (GCF).

Aurangzeb also acknowledged support from the CVF-V20 Secretariat for Pakistan’s Climate Prosperity Plan (CPP) and highlighted funding opportunities under the Country Partnership Framework (CPF).

Before concluding his visit, Aurangzeb briefed members of the U.S.-based Pakistani media on his discussions with global financial institutions, partner governments, and private sector stakeholders.

His engagements reaffirmed Pakistan’s commitment to structural economic reform, sustainable fiscal management, and deeper international financial cooperation.