Finance Minister Muhammad Aurangzeb met his Saudi counterpart, Mohammed bin Abdullah Al-Jadaan, on the sidelines of the IMF and World Bank plenary meetings in Washington, D.C., where he briefed him on Pakistan’s ongoing privatisation drive, including the sale of Pakistan International Airlines (PIA) and key airports.
The finance ministry stated that Aurangzeb underscored the government’s commitment to attracting strategic investments through transparency and efficiency, adding that the privatisation of PIA — expected by November — remains a key condition under Pakistan’s $7 billion IMF bailout programme.
During the meeting, both ministers reviewed trade and investment ties between Pakistan and Saudi Arabia and discussed potential collaboration through global institutions such as the International Finance Corporation (IFC) and the Multilateral Investment Guarantee Agency (MIGA) to mobilise private sector investments. Aurangzeb also sought Saudi support for infrastructure development projects and reaffirmed Pakistan’s intent to deepen economic cooperation with the Kingdom.
The finance minister held several other high-level meetings in Washington, including with US International Development Finance Corporation (DFC) CEO Benjamin Black, where he highlighted Pakistan’s investment potential in energy, agriculture, IT, and pharmaceuticals. He also met Azerbaijan’s First Deputy Finance Minister Anar Karimov to strengthen trade partnerships and explore opportunities under the Pakistan-Azerbaijan Preferential Trade and Transit Agreements.
In discussions with MIGA’s Executive Vice President Hiroshi Matano, Aurangzeb welcomed the proposal for a short-term trade finance facility to support essential imports like food and energy while acknowledging MIGA’s ongoing role in power sector development.
Aurangzeb later participated in the Coalition of Finance Ministers for Climate Action session, met with members of the Pakistan Bank Fund Staff Association, and addressed investors at the Citi Macro Forum, where he highlighted Pakistan’s stabilisation progress and the recent IMF staff-level agreement worth $1.2 billion.
He concluded his engagements by attending a MENAP regional meeting with IMF Managing Director Kristalina Georgieva, reaffirming Pakistan’s commitment to fiscal discipline, structural reforms, and attracting international investment through privatisation and digital transformation.
