FinMin Aurangzeb reaffirms govt's commitment for reforms to IMF chief
Muhammad Aurangzeb also holds meetings with US Treasury Department officials, World Bank president
April 22, 2025
- FinMin highlights reforms in taxation, energy, privatisation, SOEs.
- Stresses regional trade in luncheon with US corporate leaders.
- Lauds IFC's role in raising $2.5bn in debt financing for Reko Diq.
WASHINGTON: Amid efforts to stabilise the economy and improve financial indicators, Federal Finance Minister Muhammad Aurangzeb has reaffirmed the government's commitment to reforms in a meeting with International Monetary Fund (IMF) Managing Director Kristalina Georgieva, The News reported on Tuesday.
During a meeting with the IMF chief on the sidelines of the WB/IMF Spring Meetings 2025 in Washington, FinMin Aurangzeb expressed gratitude for the Staff-Level Agreement on the First Review under the Extended Fund Facility (EFF) and a new arrangement under the Resilience and Sustainability Facility (RSF).
The meeting comes against the backdrop of the finance czar's visit to Washington where he is set to hold key meetings having notable significance in relation to the country's economic revamp efforts.
Last month, Islamabad reached a deal with Pakistan for a new $1.3 billion arrangement and also agreed on the first review of the ongoing 37-month bailout programme of $7 billion.
The new 28-month deal would support Pakistan's efforts to mitigate and adapt to climate change.
The country, upon approval by the IMF board, will have access to approximately $1 billion under the EFF, bringing total disbursements under the programme to around $2 billion.
Apart from the IMF MD, the finance minister also held a " very productive" meeting with World Bank Group President Ajay Banga and thanked him for WB's historical support to Pakistan and for spearheading the conception and preparation of a decade-long CPF with a sharp focus on impacts and outcomes, the Finance Ministry said in a statement.
During their interaction, Aurangzeb gave a comprehensive run-down of the macroeconomic turnaround achieved by Pakistan and further expressed Islamabad's resolve to ensure sustainable macroeconomic stability.
The FinMin, during his time in Washington, also met US Department of Treasury's Assistant Secretary Robert Kaproth and briefed him on the macroeconomic indicators of the country.
He highlighted the reforms being undertaken in the areas of taxation, energy, privatisation, state-owned enterprises (SOEs), pensions and debt management.
The minister also underlined the importance of WB's Country Partnership Framework (CPF) in dealing with existential challenges facing the country including population and climate.
Similarly, the Pakistani delegation also shared a luncheon with American corporate leaders under the auspices of the US-Pakistan Business Council at the US Chamber of Commerce.
Underscoring the importance of regional trade and diversification of markets and sectors, the finance czar briefed the participants on the country's improving macroeconomic indicators and pointed out the reforms in various domains.
Meanwhile, during a meeting with International Finance Corporation Regional Vice President Hela Cheikhrouhou, both sides explored cooperation in the areas of private sector reforms, energy transition, sound municipal finance and full employment.
They also reviewed the progress on Diversified Payment Rights (DPR) where the finance minister praised the lead role of the IFC in raising $2.5 billion in debt financing for the Reko Diq Copper and Gold Mine Project in Balochistan.
