Finance Minister Mohammad Aurangzeb met with World Bank President Ajay Banga in Washington D.C., where they discussed Pakistan’s post-flood recovery efforts, ongoing economic reforms, and future development priorities.
According to a statement from the Finance Division, on the fifth day of his visit to Washington D.C., Mohammad Aurangzeb continued his series of key meetings while attending the Annual Meetings of the International Monetary Fund (IMF) and the World Bank Group.
He briefed the World Bank President on Pakistan’s recent staff-level agreement with the IMF, ongoing trade and tariff negotiations with the United States, as well as the government’s reform initiatives in taxation, energy, privatization, and state-owned enterprises.
The finance minister highlighted the government’s ongoing efforts to advance the privatization process and diversify financing sources through Panda Bonds. He also expressed optimism that Pakistan’s credit rating will continue to improve in the future and provided detailed responses to questions from the Fitch team.
In a separate meeting with Dr. Adnan Chilwan, Group CEO of Dubai Islamic Bank (DIB), the finance minister appreciated DIB’s global leadership role in the issuance of sovereign Sukuk for Pakistan. He discussed progress on various privatization projects, including First Women Bank, and reaffirmed Pakistan’s commitment to diversifying its funding sources across U.S. dollar, Panda, and Sukuk markets.
The finance minister also met with officials from Sharjah Islamic Bank and Ajman Bank, thanking them for their participation in joint financial arrangements.
He informed the banks that, under Pakistan’s financial diversification strategy, the country plans to issue its first Panda Bond in the Chinese market. He encouraged further engagement with the Debt Management Office to explore future collaboration opportunities.
