Muhammad Aurangzeb met with Mohammed bin Abdullah Al-Jadaan on the third day of his official visit to the United States to discuss strategic economic initiatives, including the ongoing privatisation of Pakistan International Airlines (PIA) and key airport assets. The meeting took place on the sidelines of the plenary sessions of the International Monetary Fund (IMF) and World Bank Group Annual Meetings in Washington D.C., where Aurangzeb is holding a series of high-level engagements with global financial stakeholders.
During the discussion, Aurangzeb shared detailed updates on the privatisation process of PIA and strategic airport facilities, highlighting the government’s commitment to driving investment through transparent and efficient mechanisms. He emphasised that the reforms are aligned with the broader macroeconomic stabilisation agenda and are central to the country’s efforts to attract foreign investment.
The privatisation of PIA is a core condition of the $7 billion IMF bailout programme approved for Pakistan. The planned transaction, expected to conclude by November 2025, will mark the country’s first major privatisation in nearly two decades. Officials say the government aims to divest loss-making state-owned enterprises to strengthen fiscal discipline and restore investor confidence.
Aurangzeb reaffirmed Pakistan’s commitment to ongoing structural reforms, noting that the country is pursuing long-term macroeconomic stability under the IMF-supported programme. He also discussed ways to enhance Saudi participation in strategic investment opportunities in Pakistan, including aviation, infrastructure, and energy.
The two ministers reviewed the current landscape of trade and investment between the two countries and discussed how institutions such as the International Finance Corporation (IFC) and Multilateral Investment Guarantee Agency (MIGA) can help mobilise private capital for critical sectors. Aurangzeb also sought Saudi cooperation for infrastructure development, underscoring the government’s intent to deepen economic ties with the Kingdom.
Al-Jadaan, in a post on X, confirmed that the meeting focused on expanding cooperation and exploring investment avenues of mutual interest.
The finance minister’s day also included a series of meetings aimed at reinforcing investor confidence. In a session with U.S. International Development Finance Corporation (DFC) CEO Benjamin Black, Aurangzeb highlighted investment opportunities in oil and gas, mining, agriculture, IT, and pharmaceuticals. He welcomed DFC’s interest in facilitating private sector-led financing in Pakistan.
In a separate engagement with Azerbaijan’s First Deputy Finance Minister Anar Karimov, Aurangzeb reaffirmed strong bilateral ties, highlighting the Pakistan-Azerbaijan Preferential Trade Agreement and Transit Trade Agreement as platforms to expand trade beyond oil and rice into textiles, machinery, and pharmaceuticals.
Aurangzeb also met with Hiroshi Matano, Executive Vice President of MIGA, where discussions focused on arbitration matters, trade finance facilities, and support for Pakistan’s power sector. He acknowledged MIGA’s role in backing essential imports and infrastructure development.
He later participated in the Borrowers’ Forum Roundtable, where he stressed the need to balance debt servicing with investments in social development and climate resilience. He also met with members of the Pakistan Bank Fund Staff Association, sharing fiscal progress and highlighting the country’s upgraded sovereign credit outlook.
In a meeting with senior management of Standard Chartered, Aurangzeb discussed external validation of Pakistan’s economic reforms, Panda Bond issuance, and upcoming plans to access international capital markets through Eurobonds and Sukuk.
His participation in the Coalition of Finance Ministers for Climate Action and a media interaction with The Wall Street Journal further underlined the government’s focus on advancing economic reforms and expanding international investment partnerships.
Aurangzeb also addressed investors at the Citi Macro Forum, presenting Pakistan’s progress on fiscal consolidation and macroeconomic stability alongside the governor of State Bank of Pakistan. He reaffirmed the government’s reform agenda covering taxation, energy, state-owned enterprises, and digital transformation aimed at improving competitiveness and exports.
Follow the PakBanker Whatsapp Channel for updated across Pakistan’s banking ecosystem.