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Pakistan to continue economic reforms momentum, FinMin reassures IMF

Last month, IMF and Pakistan reached a deal for a new $1.3bn arrangement

GNN Web Desk
Published 3 hours ago on Apr 22nd 2025, 2:52 pm
By Web Desk
Pakistan to continue economic reforms momentum, FinMin reassures IMF

New York: Finance Minister Muhammad Aurangzeb has reassured the International Monetary Fund (IMF) that the country would continue the reform momentum, the Finance Division said on Tuesday.

The minister met IMF Managing Director Kristalina Georgieva on the opening day of the IMF-World Bank Spring Meetings 2025. 

Finance Minister Muhammad Aurangzeb has reiterated the government's commitment to maintaining the reform momentum.

During his meeting with IMF Managing Director Ms. Kristalina Georgieva in Washington D.C. he thanked the IMF team for reaching a Staff-Level Agreement on the First Review under the Extended Fund Facility (EFF) and a new arrangement under the Resilience and Sustainability Facility (RSF).

In his meeting with President of the World Bank Group Ajay Banga, the Finance Minister expressed gratitude to the World Bank for its historical support to Pakistan and commended its leadership in developing a transformative CPF—a decade-long strategic roadmap centered around measurable impacts and outcomes.

He appreciated the World Bank’s ongoing assistance in crafting a comprehensive implementation strategy and action plan to operationalize the CPF while simultaneously enhancing overall efficiency.

The Minister also provided a detailed overview of Pakistan’s macroeconomic turnaround and reaffirmed the government’s unwavering commitment to ensuring sustainable economic stability.

The Finance Minister also held a meeting with Assistant Secretary of the US Department of the Treasury, Robert Kaproth and briefed him on Pakistan’s improving macroeconomic indicators.

He highlighted ongoing reforms in taxation, energy, privatization, state-owned enterprises (SOEs), pensions, and debt management.

At a luncheon hosted by the US-Pakistan Business Council at the US Chamber of Commerce, the Finance Minister engaged with American corporate leaders, detailing Pakistan’s economic progress and reform measures in taxation, energy, SOEs, and privatization.

He emphasized the importance of regional trade, market diversification, and sectoral expansion.

Muhammad Aurangzeb thanked the US delegation for participating in the Pakistan Mineral Investment Forum 2025 and expressed Pakistan’s commitment to continued collaboration in the mining and minerals sector.

The Finance Minister also held a meeting with Secretary General of the Climate Vulnerable Forum (CVF) and Vulnerable 20 Mohamed Nasheed.

He appreciated the recent visit of the CVF Secretariat team to Pakistan and the collaborative efforts to develop a Climate Prosperity Plan, which identifies financing avenues for climate-resilient projects.

The Minister also briefed on progress under the IMF’s Resilience and Sustainability Facility (RSF) and reiterated Pakistan’s commitment to finalizing CPP projects through a phased financing approach.

The Pakistani side and the IMF team reached staff-level agreement on the Extended Fund Facility (EFF) in the amount equivalent to SDR 5,320 million (or about USD 7 billion) on July 12, 2024, which was later approved by the IMF’s Executive Board in the last week of September.

Last month, IMF and Pakistan reached a deal for a new $1.3 billion arrangement and also agreed on the first review of the ongoing 37-month bailout programme.

In the meeting with IMF managing director, Aurangzeb reiterated the Government of Pakistan’s “commitment to maintaining the reform momentum and extended an invitation from the Prime Minister of Pakistan for Ms Georgieva to visit the country”, the Finance Division said.

Aurangzeb meets WB president

The finance minister began his visit to Washington by conducting a series of high-level meetings on the sidelines of the 2025 Spring Meetings of the IMF and the World Bank Group. He also met World Bank Group president Ajay Banga.

“The finance minister expressed gratitude to the World Bank for its historical support to Pakistan and commended its leadership in developing a transformative CPF [Country Partnership Framework]—a decade-long strategic roadmap centered around measurable impacts and outcomes.

He lauded the World Bank’s ongoing assistance in crafting a comprehensive implementation strategy and action plan to operationalise the CPF while simultaneously enhancing overall efficiency. The Minister also provided a detailed overview of Pakistan’s macroeconomic turnaround and reaffirmed the government’s unwavering commitment to ensuring sustainable economic stability,“ the Finance Division said.

 

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