Pakistan finance minister pushes to deepen ties with US, China & Japan at IMF-World Bank meetings - Alhamdulillah
Assalamu alaikum - Alhamdulillah, Pakistan’s Finance Minister Muhammad Aurangzeb used the IMF-World Bank meetings in Washington DC to meet senior officials from the US, China and Japan and try to strengthen economic partnerships, push reform work, and promote digital and sustainable growth.
He met people on the sidelines as Pakistan works toward a steady recovery under the $7 billion IMF program agreed last September. Aurangzeb gave a keynote at the Atlantic Council on ‘Reform Efforts in Pakistan & the Challenges Ahead,’ noting the IMF and international rating agencies’ recognition of Pakistan’s reform agenda.
He talked about planned changes at the Federal Board of Revenue (FBR), reworking the National Finance Commission (NFC), steps to encourage private sector-led growth, and a more liberal tariff approach to boost competitiveness and exports.
The finance ministry said he had a productive meeting with Congressman French Hill, where both sides discussed ways to deepen Pakistan–US economic and financial cooperation, especially around digitizing financial services, the new economy, mineral development, and IT collaboration.
Aurangzeb then met with Liao Min, China’s Deputy Finance Minister, and updated him on the staff-level agreement with the IMF for a $1.2 billion loan tranche, calling it strong external validation of Pakistan’s reforms. He also briefed on progress toward issuing Panda Bonds in China and requested support for Pakistan’s membership in the New Development Bank. He welcomed more Chinese investment in ICT, agriculture, industry and minerals, and invited the deputy minister to visit Pakistan.
He noted to an S&P Global team that the three big rating agencies are now more aligned in their outlook on Pakistan, which he said shows growing external confidence in the reform path.
At a World Bank regional roundtable on Digital Transformation in Tax Administration, he outlined the FBR Transformation Plan aimed at a modern, transparent, and efficient tax system. He highlighted that tax collection rose from 8.8% of GDP in 2024 to 10.24% in 2025, and described end-to-end digitalization of core processes, digital tools for better documentation and economic integration, and Pakistan Customs’ steps to curb under-invoicing and speed up trade.
Aurangzeb also met Nobumitsu Hayashi, Governor of JBIC, and welcomed JBIC’s commitment to join the Reko Diq lender group - a move the ministry said should boost investor confidence and encourage Japanese businesses to expand in Pakistan. Reko Diq in Balochistan holds one of the world’s largest gold and copper deposits and could potentially generate about $90 billion over the next 37 years. He stressed the government’s priority of ensuring security for foreign investors and looked for new avenues of bilateral cooperation.
In talks with Bangladesh Special Envoy Lutfey Y. Siddiqi, he reiterated the private sector’s central role in leading growth supported by a public-sector ecosystem, and both agreed the IT sector can be a game-changer for quality graduate jobs, with a need for knowledge-sharing and capacity-building.
Aurangzeb also spoke at a JP Morgan seminar on Pakistan’s economic and monetary outlook, briefing investors on the positive momentum from better macro management and improved fiscal and external stability. Meanwhile, Governor State Bank of Pakistan Jameel Ahmed and other officials held important sideline meetings with Moody’s and the International Islamic Trade Finance Corporation (ITFC).
May Allah grant success to these efforts and make them beneficial for the people of Pakistan, Insha'Allah.
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