Aurangzeb lauds Beijing’s support for Pakistan’s IMF programme during meeting with Chinese counterpart

Finance Minister Muhammad Aurangzeb appreciated China’s support in facilitating Pakistan’s engagements with the International Monetary Fund (IMF) in a meeting with his Chinese counterpart, the finance ministry said on Friday.

Aurangzeb arrived in the United States on Monday to participate in the World Bank Group and International Monetary Fund (IMF) Spring Meetings 2026, taking place from April 13 to 18 in Washington, DC. The Spring Meetings bring together finance ministers, central bank governors, policymakers and development experts from around the world amid ongoing global economic uncertainty.

While there, the finance minister held an important meeting with China’s Finance Minister Lan Fo’an on the sidelines of the meetings, the ministry said in a statement on X.

During the meeting, he expressed deep appreciation for China’s “long-standing and unwavering bilateral support” to Pakistan, as well as the constructive role played by China’s Executive Director at the International Monetary Fund (IMF) in facilitating Pakistan’s programme engagements, the statement said.

According to the ministry, Aurangzeb briefed his Chinese counterpart on Pakistan’s performance under the IMF programme.

He highlighted the successful conclusion of a staff-level agreement for the third review under the Extended Fund Facility (EFF) and the second review under the Resilience and Sustainability Facility (RSF), with approval from the IMF’s executive board expected in early May.

Aurangzeb also provided an update on the progress of Pakistan’s inaugural Panda bond issuance, as part of efforts to diversify financing sources and deepen engagement with international capital markets.

He further appreciated Minister Lan’s acknowledgement of Pakistan’s active role in facilitating dialogue and promoting stability in the region.

The finance minister conveyed Pakistan’s “full and unconditional support” for the establishment of the Shanghai Cooperation Organisation (SCO) Development Bank, particularly as Pakistan prepares to assume the SCO presidency in September, the statement added.

He also expressed appreciation for the continued support extended by China’s executive directors at both the IMF and the World Bank.

Separately, the finance minister held a meeting with representatives of global rating agency Moody’s on the sidelines of the Spring Meetings.

He briefed the representatives on Pakistan’s external financing position, noting that the country has successfully met its Eurobond repayment obligations and continues to honour all creditor commitments on schedule. He highlighted the financial support extended by Saudi Arabia, which is expected to further strengthen Pakistan’s external position.

“The finance minister outlined Pakistan’s medium-term strategy to re-access international capital markets, identifying key instruments under active preparation, including a Eurobond and a dollar-settled rupee-linked bond, as part of efforts to diversify financing sources,” the ministry said.

He also provided an overview of the government’s response to the ongoing regional crisis, it added, noting that measures had been taken to secure supply chains and implement full price pass-through, supported by targeted digital subsidies for vulnerable segments of the population.

Aurangzeb also met the governor of the People’s Bank of China, Dr Pan Gongsheng, where he expressed appreciation for China’s continued support for Pakistan.

He provided an update on Pakistan’s plans for its inaugural Panda bond issuance and requested expedited approval from the National Association of Financial Market Institutional Investors (NAFMII).

“Aurangzeb highlighted the immediate economic impact of the ongoing regional conflict, noting that the government has activated targeted subsidies and demand management measures to mitigate its effects,” the ministry said.

The meeting concluded with Pan extending an invitation to Aurangzeb to visit Beijing in the near future, it added.

The finance minister participated in a JP Morgan Investment Seminar titled “Pakistan: Economic and Monetary Policy Outlook”, where he engaged with global institutional investors on the sidelines of the WB-IMF meetings. The governor of the State Bank of Pakistan (SBP), Jameel Ahmad, also joined the session.

During the discussion, Aurangzeb briefed investors on progress towards Pakistan’s inaugural Panda bond issuance, as part of the government’s broader strategy to diversify financing sources and deepen engagement with international capital markets.

“He provided a detailed overview of the government’s energy supply management strategy in the wake of the ongoing regional conflict, noting that measures such as demand management, market timing adjustments, and full price pass-through — supported by targeted digital subsidies for vulnerable segments — have been implemented to manage the impact,” the ministry said.

During his US visit, Aurangzeb is expected to participate in over 50 high-level engagements from April 13 to 18.

On Thursday, IMF Managing Director Kristalina Georgieva commended Pakistan’s “continued progress on economic reforms” under the Fund’s programme and the resulting macroeconomic stability in a meeting with Aurangzeb.

“The remarks reflect growing international recognition of Pakistan’s reform efforts and its commitment to maintaining economic stability through prudent policymaking,” the ministry noted.

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