Finance Minister Muhammad Aurangzeb met with Jihad Azour, Director of the International Monetary Fund’s Middle East and Central Asia Department, to review the progress of Pakistan’s Extended Fund Facility (EFF) and discuss macroeconomic policy priorities. The meeting took place on the sidelines of the IMF and World Bank Annual Meetings in Washington, DC.
The discussions focused on Pakistan’s ongoing reform agenda, with both sides reaffirming their commitment to maintaining macroeconomic discipline and sustaining the momentum of structural reforms. A statement issued by the Finance Division noted that the meeting also assessed progress under the second review of the EFF, emphasizing the importance of stability as Pakistan navigates a challenging economic environment.
Aurangzeb is currently on an official six-day visit to the United States, during which he is holding a series of engagements with key international financial institutions and business stakeholders. The meeting with Azour comes at a critical time, as Pakistan and the IMF recently made significant progress toward reaching a staff-level agreement following review talks under both the EFF and the Resilience and Sustainability Facility (RSF).
During his visit, Aurangzeb also attended the Commonwealth Finance Ministers’ Meeting. He stressed the need for practical measures to build a more resilient and prosperous Commonwealth. The finance minister voiced support for the operationalisation of the Commonwealth Infrastructure and Financial Resilience Hub and the Technical Assistance Fund for peer review and capacity building. He reiterated the central role of climate financing for developing countries like Pakistan and called for the rapid implementation of mechanisms such as the Loss and Damage Fund.
In a separate engagement, Aurangzeb met Axel van Trotsenburg, Senior Managing Director of the World Bank Group. He expressed appreciation for the World Bank’s continued support for Pakistan’s development agenda and highlighted the devastating impact of recent floods on agriculture and economic growth. The minister underscored the importance of increased investment in climate adaptation and mitigation measures to address the country’s climate vulnerability and strengthen its economic resilience.
Aurangzeb also engaged with the leadership and members of the US-Pakistan Business Council (USPBC), where he shared Pakistan’s improving macroeconomic indicators and reaffirmed the government’s commitment to supporting the private sector. He stressed that private enterprise is central to sustaining economic growth and highlighted recent developments aimed at improving the business climate.
The finance minister briefed participants on the recently concluded trade deal with US authorities and expressed optimism for deeper government-to-government and business-to-business partnerships in key areas such as mining, agriculture, information technology, and pharmaceuticals.
Earlier, Aurangzeb held a productive meeting with Robert Kaproth, Assistant US Treasury Secretary for International Finance, and Counsellor Jonathan Greenstein. He discussed Pakistan’s economic fundamentals, which remain anchored by ongoing reforms under the IMF programme. The minister highlighted the successful negotiations on tariff issues and shared updates on Pakistan’s new legislation to regulate virtual assets. He invited US companies to explore investment opportunities in sectors including energy, minerals, agriculture, and technology.
During his Washington engagements, Aurangzeb also met with representatives of Citi Bank. He acknowledged the bank’s long-standing partnership with Pakistan and appreciated its active role in the country’s financial landscape. The finance minister outlined Pakistan’s stabilizing macroeconomic outlook, supported by structural reforms and positive credit ratings. He emphasized Pakistan’s growing role as a regional hub for digital innovation and financial services, assuring that the government would consider Citi’s future proposals with seriousness.
The ongoing meetings reflect Pakistan’s efforts to strengthen its relationships with international partners, enhance economic stability, and secure support for its reform initiatives.
Follow the PakBanker Whatsapp Channel for updated across Pakistan’s banking ecosystem.