Pakistan, IMF discuss progress in 2nd EFF review, stress reforms and macroeconomic discipline

Washington: Federal Minister for Finance and Revenue Senator Muhammad Aurangzeb met with Jihad Azour, Director of the IMF’s Middle East and Central Asia Department, during his six-day visit to the United States for the IMF and World Bank Annual Meetings.

According to the Finance Division, Aurangzeb had a busy first day of meetings with key international officials, including discussions with IMF representatives on Pakistan’s reform agenda and the progress under the Second Review of the Extended Fund Facility (EFF). Both sides emphasized the importance of continuing reforms and maintaining macroeconomic discipline.

During a key meeting with Jihad Azour, both sides exchanged views on Pakistan’s reform agenda and reaffirmed their shared commitment to sustaining the current momentum of reforms.

The meeting reviewed progress under the Second Review of the Extended Fund Facility (EFF) and acknowledged the importance of maintaining macroeconomic discipline.

Commonwealth Meeting

Aurangzeb also attended the Commonwealth Finance Ministers’ Meeting, highlighting the importance of prioritizing concrete actions to advance a resilient and prosperous Commonwealth.

He voiced support for the operationalization of the Commonwealth Infrastructure and Financial Resilience Hub, as well as the Technical Assistance Fund for peer review and capacity building.

The Minister reiterated the central importance of climate financing for developing countries like Pakistan and emphasized the urgent need to operationalize mechanisms such as the Loss and Damage Fund.

Additionally, he met with World Bank officials and U.S. Treasury representatives to discuss Pakistan’s economic growth and the impact of climate change.

World Bank

In a meeting with Axel van Trotsenburg, Senior Managing Director of the World Bank Group, Aurangzeb expressed appreciation for the World Bank’s continued commitment to Pakistan’s national development agenda.

The Minister reiterated that the climate crisis remains an existential challenge for Pakistan, referencing the devastation caused by recent floods and their severe impact on the agriculture sector and GDP growth.

He emphasized the need for enhanced investment in climate adaptation and mitigation measures and agreed on the importance of mobilizing additional resources to manage future natural calamities.

US Pakistan Business Council

In addition, the Finance Minister was hosted by the leadership and members of the U.S.-Pakistan Business Council (USPBC).

He briefed participants on the positive trajectory of Pakistan’s macroeconomic indicators and emphasized that private sector growth is vital to sustaining economic momentum. Senator Aurangzeb reaffirmed the Government’s commitment to addressing business challenges and providing maximum relief.

He highlighted the recent trade deal with the U.S. authorities and expressed optimism for enhanced government-to-government (G2G) and business-to-business (B2B) engagements in key sectors, including mining, agriculture, information technology, and pharmaceuticals. The session concluded with an interactive Q&A, during which the Minister assured that genuine concerns raised by business leaders would be addressed.

Earlier, the Finance Minister held a productive meeting with Mr. Robert Kaproth, Assistant U.S. Treasury Secretary for International Finance, and Counselor Jonathan Greenstein.

Islamic Development Bank

The Finance Minister also held a constructive meeting with Dr. Muhammad Sulaiman Al-Jasser, President of the Islamic Development Bank (IsDB).

Senator Aurangzeb expressed gratitude for the Bank’s longstanding support and reviewed the current portfolio of IsDB projects in Pakistan.

He underscored the importance of accelerating project implementation and thanked the Bank for the approval of financing for two sections of the M-6 motorway.

Both sides agreed on the importance of continued cooperation in areas such as Pakistan’s polio eradication efforts and the oil financing facility, as well as the development of a new Country Engagement Framework (CEF) for Pakistan.

Citi Bank

During the day, Senator Aurangzeb also met with representatives of Citi Bank, where he acknowledged Citi’s longstanding partnership with Pakistan and appreciated its continued engagement.

The Minister shared an overview of Pakistan’s stabilizing macroeconomic outlook, driven by ongoing structural reforms and validated by international credit rating agencies. He also highlighted Pakistan’s growing role as a regional hub for digital innovation and financial services, assuring that the Government would give due consideration to Citi’s proposals.

On the sidelines of the IMF and World Bank meetings in Washington D.C., Finance Minister Senator Muhammad Aurangzeb and his delegation met with Mr. Jihad Azour, Director of the IMF’s Middle East and Central Asia Department, and his team.

Both sides exchanged views on Pakistan’s… pic.twitter.com/2DZruWxaC5

— Ministry of Finance, Government of Pakistan (@Financegovpk) October 14, 2025