Aurangzeb set to represent Pakistan at IMF, World Bank meetings in Washington – SUCH TV

Finance Minister Senator Mohammad Aurangzeb is set to leave for the United States to attend the annual meetings of the International Monetary Fund (IMF) and the World Bank (WB).

Earlier, the finance minister virtually addressed a business session arranged for the visiting Saudi business delegation at the Overseas Investors Chamber of Commerce and Industry (OICCI) in Karachi.

The event was jointly hosted by OICCI and the Pakistan Business Council (PBC).

Expressing gratitude to both organizations for the invitation, Aurangzeb said he regretted not being able to attend in person due to his imminent departure for Washington to participate in the IMF and World Bank meetings.

Recalling his recent meeting with His Highness Prince Mansour and members of the Saudi delegation at a luncheon hosted by the Prime Minister, the minister reaffirmed Pakistan’s commitment to empowering the private sector as the main driver of economic growth, with the government acting as a facilitator by ensuring an enabling environment.

Highlighting Pakistan’s improving macroeconomic indicators, Aurangzeb said that stability had been restored, with all three major global rating agencies now aligned after several years. He added that stable financing rates, a steady exchange regime, and healthy reserves had made capital and profit repatriation a routine matter.

Referring to Pakistan’s timely repayment of a US$500 million Eurobond on September 30, he remarked, “When there is macroeconomic stability, such events become non-events — there is no drama.”

Aurangzeb noted that while the government had made significant progress on economic stabilization, it was also advancing structural reforms in taxation and the energy sectors through a consultative process with the private sector.

He acknowledged the valuable input of OICCI and PBC in shaping these reforms and appreciated the growing strategic partnership with Saudi Arabia, particularly under the guidance of His Excellency Al-Tuwaijri, citing the Kingdom’s Vision 2030 as a model of successful execution.

The minister reiterated Pakistan’s focus on strengthening export-led growth — a key driver for sustainable development — and informed participants that the Federal Cabinet had recently approved the historic Security Pact signed between Crown Prince Mohammed bin Salman and Prime Minister Shehbaz Sharif.

He termed this development a significant step in deepening the multifaceted ties between the two brotherly countries.

He said Pakistan currently enjoys a unique confluence of favorable factors – macroeconomic stability and positive geopolitical tailwinds – with longstanding partners such as Saudi Arabia, China, and the United States engaging with us on trade and investment, emphasizing that the Saudi delegation’s visit is both timely and strategically important in unlocking new avenues of bilateral cooperation.

On the domestic front, Senator Aurangzeb said that the government is finalizing rapid damage assessments following recent floods and will prioritize the use of domestic resources for rescue and relief operations before considering external assistance for rehabilitation and reconstruction.

Regarding the ongoing engagement with the International Monetary Fund, the Minister reaffirmed that talks with the IMF mission remain constructive, with only a few outstanding issues, and expressed optimism about reaching a staff-level agreement shortly during his upcoming meetings in Washington.

Addressing His Highness Prince Mansour and the Saudi business delegation, the Finance Minister commended the thought leadership and professionalism of Pakistan’s private sector, represented by OICCI and PBC.

He noted that the session would highlight key sectors of mutual interest including agriculture, mining, IT, pharmaceuticals, and tourism, while presenting concrete project opportunities.

The Minister also apprised the participants of two major reform tracks being personally led by the Prime Minister on taxation reforms and Pakistan’s digital transformation towards a cashless economy.

He pointed out that while Pakistan’s recorded economy stands at US$411 billion, nearly half remains undocumented, implying that “the real size of our economy is close to a trillion dollars.”

He added that digitization and documentation will be pivotal in broadening the tax base and improving fiscal discipline.

Concluding his remarks, Senator Aurangzeb extended his best wishes to His Highness Prince Mansour and the Saudi delegation for their engagements in Karachi and Lahore, and expressed hope for fruitful deliberations and enhanced investment partnerships between the business communities of both countries.

He also looked forward to meeting the Saudi leadership again during the forthcoming Future Investment Initiative (FII) in Riyadh.