Federal Finance Minister Muhammad Aurangzeb has left for Washington, D.C. to attend the annual meetings of the International Monetary Fund (IMF) and the World Bank. During his visit, Aurangzeb will represent Pakistan in crucial economic review talks aimed at securing the next phase of the IMF loan programme.
The meetings will take place from October 13 to 18, where Pakistan hopes to reach a staff-level agreement that could unlock a $1.2 billion tranche under the ongoing bailout package. The Pakistani delegation includes the Finance Secretary and the Governor of the State Bank of Pakistan, who will also meet with officials from the IMF, World Bank, IFC, and global rating agencies.
During the visit, Aurangzeb is expected to hold a one-on-one meeting with IMF Managing Director Kristalina Georgieva. He will also meet World Bank President Ajay Banga and attend a dinner for global finance ministers hosted by him. In addition, he will address the MENAP (Middle East, North Africa, Afghanistan, and Pakistan) Forum as a keynote speaker.
The finance minister will participate in two events organized by the World Economic Forum (WEF). He is also scheduled to meet his counterparts from China, the United Kingdom, Saudi Arabia, Turkey, and Azerbaijan. Meetings with senior White House officials and the Chairman of the Financial Services Committee of the U.S. Congress are also planned.
According to officials, the upcoming IMF discussions will focus on fiscal discipline, governance, and economic reforms. The previous IMF review ended without a staff-level agreement, but both sides called the talks “constructive and positive.”
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The IMF has asked Pakistan to continue implementing tax and governance reforms, including the abolition of tax-free car import schemes and stricter customs policies. It has also emphasized maintaining a tight monetary policy and advancing energy sector reforms to reduce financial losses.
Despite pending issues, Aurangzeb remains optimistic about progress. Officials believe that a breakthrough in Washington could lead to renewed economic confidence and release of the $1.2 billion tranche later this year.
