Federal Minister for Finance and Revenue, Senator Muhammad Aurangzeb, recently held a series of high-level meetings in Washington, DC, focused on strengthening Pakistan’s economic cooperation and advancing its digital and financial agenda.
During his visit, Senator Aurangzeb met with Dr. Adnan Chilwan, Group CEO of Dubai Islamic Bank (DIB), and expressed appreciation for DIB’s ongoing partnership as the leading global arranger of Pakistan’s sovereign Sukuk. The Finance Minister underscored Pakistan’s improving economic outlook, citing the recent Staff Level Agreement (SLA) with the International Monetary Fund (IMF) and credit rating upgrades by international agencies as key indicators of progress.
He also updated the CEO on the government’s ongoing privatisation of the First Women Bank and Pakistan’s strategic plans to diversify funding sources across USD, Panda, and Sukuk markets. Senator Aurangzeb expressed confidence in maintaining a strong partnership with DIB moving forward.
In addition, the Finance Minister met with senior management from Sharjah Islamic Bank and Ajman Bank. He acknowledged their active participation in recent financial syndications and their continued support for Pakistan’s economic initiatives.
Senator Aurangzeb also briefed officials on the government’s plans to issue its inaugural Panda Bond in the Chinese market. He emphasized the importance of close coordination with the Debt Management Office (DMO) to explore further areas of cooperation and strengthen financial ties.
Expanding his discussions beyond finance, the Minister met with Dr. Hajar El Haddaoui, Director General of the Digital Cooperation Organisation (DCO). They discussed Pakistan’s ongoing digital transformation efforts, focusing on information technology, payment systems, and the digitisation of government payments. Senator Aurangzeb welcomed DCO’s expansion in Pakistan and highlighted the need for capacity building, skills development, and inclusive digital frameworks.
The Finance Minister also engaged with the Currency Exchange Fund (TCX) delegation, led by Chief Investment Officer and Deputy CEO Othman Boukrami. He shared Pakistan’s plans to extend debt maturities and access international capital markets through Panda Bonds, Eurobonds, and International Sukuk. Aurangzeb assured TCX of a detailed follow-up on proposals to enhance future cooperation.
Finally, Senator Aurangzeb met with officials from Fitch Ratings, thanking the agency for upgrading Pakistan’s credit rating to B- with a stable outlook. He expressed satisfaction that all three major international rating agencies were now aligned in their positive assessments of Pakistan’s economic reforms. The Finance Minister briefed Fitch on the recently announced SLA with the IMF and highlighted progress on key structural reforms in taxation, energy, privatisation, and the restructuring of state-owned enterprises.