In Washington talks, Aurangzeb highlights Pakistan’s economic potential

Federal Minister for Finance and Revenue, Senator Muhammad Aurangzeb, held a series of meetings in Washington, DC, aimed at deepening economic cooperation and advancing Pakistan’s digital and financial agenda.

Senator Aurangzeb met with Dr Adnan Chilwan, Group CEO of Dubai Islamic Bank (DIB), and appreciated DIB’s continued partnership as the leading global arranger of Pakistan’s sovereign Sukuk.

The finance minister highlighted the recent Staff Level Agreement (SLA) with the International Monetary Fund (IMF) and ratings upgrades by international agencies as indicators of Pakistan’s strengthening economic outlook.

He also informed the CEO about the ongoing privatisation of the First Women Bank and Pakistan’s focus on diversifying funding across USD, Panda, and Sukuk markets, expressing confidence in maintaining strong engagement with DIB.

The minister also met with the management of Sharjah Islamic Bank and Ajman Bank, thanking them for their participation in the recent syndication and support for Pakistan’s financial initiatives.

Aurangzeb briefed the management on the government’s plan to issue its inaugural Panda Bond in the Chinese market and advised close coordination with the Debt Management Office (DMO) to explore further areas of cooperation.

In a meeting with Dr Hajar El Haddaoui, Director General of the Digital Cooperation Organisation (DCO), Senator Aurangzeb discussed Pakistan’s ongoing digital transformation journey, emphasising information technology, payment rails, and digitisation of government payments.

The FinMin welcomed DCO’s expansion in Pakistan and stressed the importance of capacity building, skills development, and inclusive digital frameworks.

Finally, Senator Aurangzeb met with the Currency Exchange Fund (TCX) delegation, led by Chief Investment Officer and Deputy CEO Othman Boukrami.

The country's top economic manager, briefed on TCX’s operations in providing local currency financing solutions and informed the team about Pakistan’s plans to extend debt maturities and access international capital markets through Panda Bonds, Eurobonds, and International Sukuk.

The finance czar assured the TCX team of a detailed follow-up on submitted proposals to enhance future cooperation.

Aurangzeb also met with officials from Fitch Ratings and thanked the agency for upgrading Pakistan’s credit rating to B- with a stable outlook, and expressed satisfaction that all three major international rating agencies were now aligned in their assessments.

He briefed the Fitch team on the recently announced SLA with the IMF and highlighted Pakistan’s progress on key structural reforms in taxation, energy, privatisation, and state-owned enterprises.

He underscored the government’s resolve to expedite the privatisation process to enhance efficiency and fiscal sustainability.

Senator Aurangzeb also apprised the team of the government’s ongoing efforts to issue Panda Bonds in the Chinese market and referred to successful trade and tariff negotiations with the US Administration, which resulted in competitive tariff rates for Pakistan.

The meeting concluded with an interactive exchange, during which the finance minister responded to queries from the Fitch team and reaffirmed Pakistan’s commitment to maintaining macroeconomic stability and sustaining reform momentum.