Islamabad: Finance Minister Muhammad Aurangzeb held important meetings with the heads of the IMF and World Bank in Washington, marking the start of a series of high-level discussions as part of the 2025 Spring Meetings of the IMF and World Bank Group.
The event brought together finance ministers and central bank governors from 191 countries to address significant global challenges such as sovereign debt, climate finance, and the need for reforms within the international financial system.
During his visit, Aurangzeb, who is leading Pakistan’s delegation, engaged in talks with officials from global financial institutions, development partners, and key bilateral creditors.
The discussions with IMF Managing Director Kristalina Georgieva were centered on Pakistan’s economic recovery plan, structural reforms, and the future of ongoing programs.
This engagement was expected to have a positive influence on the IMF’s upcoming review of Pakistan’s $7 billion Extended Fund Facility, with Pakistan aiming to secure the release of the second tranche of $1 billion.
The IMF review mission is scheduled to visit Pakistan on May 14, making these discussions timely and critical.
With World Bank President
Aurangzeb also met with World Bank President Ajay Banga to discuss development financing and Pakistan’s medium-term reform priorities.
Among the major areas covered were fiscal consolidation efforts and reforms in the energy sector.
The finance minister’s meetings in Washington have been numerous, with several more scheduled over the coming days, including talks with officials from China, the US, Saudi Arabia, the UAE, and European countries.
Additionally, meetings are planned with commercial banks, global credit rating agencies, and multilateral lenders, including the Asian Development Bank.
A key topic of focus in the coming days will be discussions with Chinese Finance Minister Lan Fo’an regarding Pakistan’s request for debt rescheduling on $3.4 billion, which would help alleviate pressure on the country’s foreign financing needs.
US Treasury
Aurangzeb is also set to meet with senior US Treasury officials, such as Robert Kaproth, Assistant Secretary for International Finance, and James C. Cruse, Acting President of the US Exim Bank.
One of the central issues in these discussions will be the financing gap for the Reko Diq copper and gold project, with the US Exim Bank expressing interest in providing $1 billion in loan financing, contingent on receiving preferential creditor status.
However, this remains a point of negotiation, as Pakistan has not yet agreed to the terms.
Another important aspect of the meetings was Aurangzeb’s engagement with Mohamed Nasheed, Secretary General of the Climate Vulnerable Forum.
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Their discussions focused on climate finance and strengthening resilience to climate-related disasters, which are key concerns for Pakistan as it faces the impacts of climate change.
On Monday, the finance minister also met with representatives from Deloitte, one of the Big Four accounting firms.
The meeting provided an opportunity to brief Deloitte on Pakistan’s macroeconomic outlook, development priorities, and the nation’s export-led growth agenda.
Topics of discussion included energy reforms, the extraction and marketing of critical minerals, privatization, technology and cryptocurrency regulation, as well as the operationalization of the Country Partnership Framework.
Deloitte is also planning a visit to Pakistan in May 2025 to continue these discussions.
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In sum, Pakistan’s objectives during these high-level talks are not only to secure immediate financial assistance but also to solidify long-term partnerships that will support the country’s ongoing efforts toward sustainable economic reforms.
