FinMin Aurangzeb meets Saudi Fund For Development CEO

WASHINGTON: Minister for Finance and Revenue Muhammad Aurangzeb, met with Sultan Bin Abdulrahman al-Murshid, CEO of the Saudi Fund for Development, on the sidelines of the IMF-World Bank spring meetings 2025.

The Minister recalled his visit to Saudi Arabia in February 2025 to attend the Al-Ula Conference on Emerging Markets and his meeting with the Finance Minister of Saudi Arabia during the visit. He briefed on Pakistan’s improving macroeconomic indicators and noted that Moody’s had recently upgraded Pakistan’s credit rating to B- with a stable outlook.

He appreciated the growing interest in investment projects in Pakistan at both G2G and B2B levels. The Minister requested expedited disbursements under the Saudi Oil Facility and assured the provision of evidence of oil shipments.

The two sides reviewed the existing portfolio, and the Minister expressed satisfaction over the progress. He also requested financial support from SFD for the N-25 infrastructure project.

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Earlier, Finance Minister Muhammed Aurangzeb emphasized the pivotal role of the private sector in driving Pakistan’s economic future, stating that the government’s role was to provide policy frameworks and ensure continuity.

He was addressing a landmark economic dialogue hosted by the Embassy of Pakistan in Washington DC, on the sidelines of the IMF and World Bank Spring Meetings, bringing together Pakistan’s economic leadership, global financial institutions, and corporate representatives from the United States.

The Finance Minister described this shift as a mindset and societal change, likening it to the transformative impact of AI.

In a candid discussion with the participants, Finance Minister addressed question related to ease of doing business and reiterated Government’s commitment to continue with the reform process. He highlighted population growth and climate change as two major existential issues, calling for private-sector collaboration on investable projects, leveraging available financing and technical expertise. He reiterated the Prime Minister’s vision of running Pakistan as “Pakistan Inc.,” with the government acting as public servants to support investors.