Pakistan’s Finance Minister Muhammad Aurangzeb has assured the International Monetary Fund (IMF) of the country’s ongoing adherence to reforms linked to its $7 billion bailout package. He conveyed this pledge during the IMF-World Bank spring meetings held in Washington.
Aurangzeb expressed gratitude for the staff-level agreement on the program’s first review and a new arrangement under the Resilience and Sustainability Facility. The bailout, secured in September 2024, has been pivotal in stabilizing Pakistan’s economy after it avoided a potential default in 2023. The reforms focus on reducing public debt, addressing inflation, and strengthening the energy sector for long-term growth.
Despite facing global problems, Pakistan has made progress, which IMF Managing Director Kristalina Georgieva praised. She emphasized the continuation of reform agendas to benefit the Pakistani populace.
The finance minister also met with World Bank President Ajay Banga to discuss the Country Partnership Framework, which outlines a decade-long plan for fostering impactful, measurable development in Pakistan. When it came to energy reforms, minerals, and privatization, Aurangzeb also considered forming agreements with Deloitte and the International Finance Corporation.
Aurangzeb met with business executives during a luncheon hosted by the US-Pakistan Business Council and highlighted Pakistan’s economic achievements, particularly in the areas of taxes, trade expansion, and sustainable sectoral growth.
