Finance czar says IMF can’t impose conditions against Pakistan’s interests
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This undated image shows Federal Minister for Finance and Revenue Senator Muhammad Aurangzeb leading his delegation during a meeting in Washington DC. — X/Ministry of Finance
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Finance Minister Muhammad Aurangzeb has said that the International Monetary Fund (IMF) cannot impose conditions that undermine Pakistan’s national interest, claiming that the country’s economic reforms are driven by its own priorities.
Addressing a press conference in Washington with senior officials, Aurangzeb said Pakistan is committed to structural reforms that promote long-term stability and growth.
“[The] Aurangzeb said that the IMF cannot impose any condition against the national interest of Pakistan.
The Finance Czar said that the reforms introduced under the IMF program have played an important role in stabilizing Pakistan’s economy. “[The] Under the IMF arrangement, the measures we have taken have strengthened the economy and built confidence.
The finance minister added that Pakistan expects to receive the next $1.2 billion IMF loan by December 31, noting that the IMF’s executive board is expected to approve the deal soon. “We expect the board’s approval soon, which will pave the way for the divestiture,” he said.
A trade and tariff agreement with us is expected within the next two weeks, he added.
Discussing Pakistan’s privatization plans, Aurangzeb confirmed that the government is close to a decision to privatize the Roosevelt Hotel in New York.
Meanwhile, on the sixth and final day of his US visit, Aurangzeb attended key meetings and witnessed the signing of a swap agreement between the State Bank of Pakistan (SBP) and the International Finance Corporation (IFC).
The signing took place during his meeting with IFC Managing Director Maktar Diop on the sidelines of the IMF-World Bank Annual Meetings in Washington, DC.
The Finance Minister lauded the recent restructuring of the IFC, which has designated Pakistan as a regional hub, calling it a strong vote of confidence in the country’s growing economic potential.
He also reaffirmed the government’s commitment to strengthen its partnership with the IFC in key development and finance sectors.
Highlighting the progress on the Ricoh DIQ project, Senator Aurangzeb expressed optimism about EXIM Bank’s participation in the near future.
He further appreciated the IFC’s continued support for sub-national finance and digital payment rights (DPR) initiatives, as well as its advisory role in sectors such as pharmaceuticals, electric vehicles, and commodity exchanges.
Finman also welcomed DIOP’s upcoming visit to Pakistan around the spring meetings, expressing confidence that it would further strengthen Pakistan-IFC cooperation.
Meanwhile, Aurangzeb also participated in the 15th V20 Ministerial Dialogue on “Cost of Capital, Credit and Pathways to Growth”.
In his address, he highlighted the increasing frequency and severity of catastrophic floods in Pakistan, stressing that the government is continuing to fund rescue and relief operations with its resources.
He appreciated the extension of the CVF-V20 Secretariat to assist Pakistan in preparing its Climate Prosperity Plan (CPP), and said that funding is being provided under the Country Partnership Framework (CPF) to operationalize the project.
Senator Aurangzeb also emphasized the need to operationalize the Loss and Damage Fund and called for a fast-track decision-making process in the Green Climate Fund (GCF) to ensure timely and effective climate action for vulnerable countries.
The finance czar also called on JP Morgan’s senior management on the sidelines of the IMF-World Bank annual meetings in Washington DC.
HD briefed the JP Morgan team on the upcoming launch of the Panda Bond in Pakistan’s Chinese market, saying it would be launched as a green bond to support sustainable financing objectives.
He also provided a detailed overview of the government’s privatization programme, highlighting the cabinet-approved government-to-government (G2G) sale of First Women’s Bank.
Senator Aurangzeb informed the team that several US companies have expressed interest in the Ricoh DIQ project and the government is looking forward to ACM Bank’s participation in the syndication process.
He also highlighted the ongoing digital collaboration between Saudi Arabia and Pakistan through the GOA Hub Initiative, which aims to drive innovation and technology-driven growth.
The finance minister encouraged JP Morgan to explore additional avenues of cooperation with Pakistan in areas of mutual interest, including sustainable finance, investment facilitation, and digital transformation.
