Pakistan and the International Monetary Fund (IMF) have reaffirmed their commitment to continue economic reforms aimed at maintaining financial stability and sustainable growth. The understanding came during Finance Minister Muhammad Aurangzeb’s meeting with IMF Director Jihad Azour in Washington D.C., held on the sidelines of the IMF and World Bank Annual Meetings.
The finance minister, accompanied by his delegation, met Mr. Azour, who leads the IMF’s Middle East and Central Asia Department. Both sides reviewed progress under the Second Review of the Extended Fund Facility (EFF) and discussed Pakistan’s ongoing economic reform program. The IMF acknowledged the progress achieved so far and stressed the importance of maintaining the momentum to strengthen the country’s economy.
Discussions centered on Pakistan’s continued efforts to ensure macroeconomic stability, fiscal discipline, and structural reforms. The IMF encouraged the government to stay focused on improving governance, enhancing revenue collection, and boosting investor confidence.
On the sidelines of these meetings, Minister Aurangzeb also met Mr. Axel van Trotsenburg, Senior Managing Director of the World Bank Group. He expressed appreciation for the World Bank’s consistent support for Pakistan’s development goals and reform initiatives. The minister highlighted that climate change remains a major threat to the country’s economy, recalling the destructive floods that severely affected agriculture and GDP growth.
Aurangzeb emphasized the need for greater global support for climate adaptation and mitigation. He urged international partners to mobilize additional resources to help Pakistan manage future natural disasters effectively.
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Additionally, the finance minister attended the Commonwealth Finance Ministers’ Meeting, where he called for the creation of climate finance mechanisms and a disaster risk reduction fund to help vulnerable economies.
In a separate meeting with the U.S.-Pakistan Business Council, Aurangzeb reiterated Pakistan’s commitment to supporting private sector growth. He invited American investors to explore opportunities in energy, technology, and manufacturing, emphasizing the government’s ongoing efforts to improve the business environment.
The IMF is expected to continue close engagement with Pakistan as both sides prepare for the next phase of economic reform discussions.
