Aurangzeb showcases Pakistan’s economic reforms

ISLAMABAD: Federal Minister for Finance Senator Muhammad Aurangzeb concluded the fourth day of his visit to Washington, D.C, for the spring meetings of the International Monetary Fund (IMF) and the World Bank with a series of constructive meetings with key financial institutions, rating agencies, and global corporations.

The Finance Minister started his engagements by meeting with VISA’s Regional Vice President, Andrew Torre. He expressed appreciation for VISA’s contribution to the digitalization of Pakistan’s economy and the introduction of its various financial products, according to press release issued by finance ministry here Friday.

He noted that VISA’s decision to triple the size of its office in Pakistan and its collaboration with 1-Link and PayPak would significantly contribute to promoting financial inclusion, e-commerce, transaction security, and payment gateways, and facilitate remittances. He assured Torre of the government’s full support in addressing any operational matters in Pakistan.

Following that, Minister Aurangzeb held a meeting with Christos Harpanditis, Vice President of Philip Morris International.

Acknowledging the company’s longstanding commitment to Pakistan, the Finance Minister highlighted the improving business climate and the government’s taxation reforms focused on people, process, and technology. He emphasized the critical need for effective enforcement and compliance measures to curb the illicit production and sale of cigarettes.

At a seminar titled “Pakistan’s Economic and Monetary Policy Outlook”, hosted by JP Morgan, the Finance Minister briefed institutional investors on Pakistan’s stable macroeconomic indicators, including twin surpluses, declining inflation, robust forex reserves, and sound debt management—factors that contributed to Fitch’s recent sovereign credit rating upgrade.

He also expressed deep concern over the loss of tourists’ lives in a terrorist incident in India, reiterating Pakistan’s unequivocal condemnation of terrorism in all forms.

In a meeting with Masato Kanda, President of the Asian Development Bank (ADB), Minister Aurangzeb congratulated him on his recent appointment and expressed appreciation for the ADB’s enduring partnership with Pakistan and its contributions to the country’s development through initiatives such as the Country Partnership Strategy 2026-2030 and budgetary support.

The two sides discussed ADB’s project pipeline and committed to accelerating project execution. He requested ADB’s support for a partial credit guarantee for the issuance of the Panda bond and expressed hope for the materialization of budgetary support this year.

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