Finance Minister Pushes for Stronger U.S. & Saudi Investment Links Amid IMF Deal
Key Takeaways
- Finance Minister Aurangzeb sought deeper investment and financial collaboration from Saudi Arabia and the U.S. during his Washington visit.
- He briefed counterparts on Pakistan's economic reforms, including progress on privatizing PIA and major airports, aligning with IMF commitments.
- Aurangzeb pitched investment opportunities in key sectors like oil & gas, minerals, and IT to the U.S. International Development Finance Corporation (DFC).
- He reaffirmed Pakistan's macroeconomic stability to the IMF MD and welcomed the new Staff-Level Agreement, emphasizing continued reforms.
- Discussions included supporting a proposed MIGA short-term trade finance facility and addressing the need for better debt management.
Finance Minister Senator Muhammad Aurangzeb conducted a series of high-level meetings in Washington aimed at securing greater investment and financial cooperation from Saudi Arabia and the U.S., highlighting Pakistan's recent economic stabilization. He met with Saudi Finance Minister Mohammed Aljadaan to stress Pakistan's commitment to IMF reforms, including progress on privatizing PIA and major airports. A significant meeting with DFC CEO Benjamin Black focused on pitching investment opportunities across critical sectors such as oil & gas, minerals, and IT, with Aurangzeb welcoming DFC's interest in mobilizing private funds. Furthermore, engagements with MIGA supported a new short-term trade finance facility to ease imports of essentials. At the multilateral level, Aurangzeb confirmed macroeconomic stability to IMF MD Kristalina Georgieva, welcoming the new Staff-Level Agreement and reiterating ongoing reforms in taxation and privatization. He also addressed the delicate balance between debt servicing and social investment, calling for better debt management solutions. These engagements were underpinned by the recent IMF staff-level agreement, which, pending board approval, will release $1.2 billion.
