Aurangzeb interacts with UAE banks for Pak fiscal support, development
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Minister for Finance Muhammad Aurangzeb (3rd left) speaks during a virtual meeting with UAE-based banks on May 19, 2025. — Facebook@FinanceMinistryPK
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ISLAMABAD: With the possibility of getting rising trade loans in the next budget and meeting the $ 1 billion loan by the end of June, Finance Minister Mohammed Aurangzeb has assured banks in the United Arab Emirates to support the current economic stability to strengthen the current economic stability.
Senior official sources confirmed the news on Monday that the ADB board will be approved by the Standard Chartered Bank (SCB) to provide loan facilities by the end of the month and it is expected that the transaction will be completed within June 2025.
An official announcement from the Finance Ministry said on Monday that the Finance Ministry on Monday organized a series of virtual meetings with Sharjah Islamic Bank, Abu Dhabi Islamic Bank, and Ajman Bank to support Pakistan’s development and financial goals.
The meetings were chaired by Federal Finance Minister and Revenue Senator Mohammad Aurangzeb and senior officials of the Finance Division and other relevant stakeholders attended.
The Finance Minister thanked the standard Chartered Bank and the Dubai Islamic Bank for their valuable role in organizing these interactions and facilitating engagement with potential partners.
In his remarks, he highlighted Pakistan’s steady progress toward economic stability, which states, “We have made a long journey-this year we are on the way to reaching a year long account surplus, a basic surplus, and forex reserves to approach US $ 14 billion, which provides imports three months.”
He added that inflation has decreased by 0.3 % and the policy rate has also dropped significantly, showing a positive approach to the economy.
The minister emphasized that structural reforms in the country have laid the foundation for the recovery and is committed to a long -term reforms to the government, including the reorganization of public -owned businesses, an active privatization program, and the inclusion of rights to the federal government.
“We are separated from the old boom and broken cycle,” he said.
By revenue, he jointly stated that Pakistan is ready to reach 10.6 % of the GDP ratio by June 2025, with a target of 11 % in the next financial year. The government is preferring the FBR reforms and digitalization from the end to the end to expand the tax base and improve compliance. He also noted that the ongoing progress supports the approval of the second train supply under the IMF Extension Fund Facility (EFF) and the approval of US $ 1.3 billion under the new flexibility and stability fund (RSF).
Pakistan has met all quantitative goals under the IMF program and has achieved key structural standards, including the introduction of agricultural income tax. This is a milestone in the country’s financial history.
The Minister also cited the recent improvement in Pakistan’s sovereign credit rating through Fitch as a reflection of market confidence. Looking forward, the Finance Minister emphasized on Pakistan’s production capacity and the model of export -led growth model.
They pointed to a strong growth in the IT sector in March, and exports in March reached US $ 3.4 billion, and its pace in the minerals and mining sectors. He mentioned that the Rico DIQ project has created an interest in Pakistan’s mining capacity and “our aim is to take advantage of copper reserves for export and energy transfer.”
During the interactive sessions, senior executives of the three banks acknowledged the progress and shared their comments and ideas on Pakistan’s economic plans.
The meeting ended with mutual interest in searching for possible ways to continue the talks and cooperation. The Finance Minister confirmed the openness for Pakistan’s quality trade partnership, which supports economic growth, financing development and investors’ confidence.
At a separate meeting, Senator Aurangzeb met a high-level delegation from Delivet, led by Richard Long Staff, Managing Director and Head for Energy/Criticism Minerals, and Delight Risk and Financial Advisory-Government and Public Services partner Sofian Yusufi.
The meeting was followed by the first debates in Washington DC on the occasion of the IMF/World Bank Spring Meeting 2025, where important minerals, energy sector reforms, privatization, and the country’s partnership framework (CPF) was practiced.
Welcoming the delay team in Pakistan, the Finance Minister appreciated his constant engagement and interest in supporting Pakistan’s development priorities. He emphasized the government’s commitment to take advantage of private sector expertise for rapid tractural reforms and promote productivity and economic growth in export leadership.
The meeting focused on taking advantage of the CPF’s operational and the ongoing steps of Pakistan, taking advantage of the technical consultation and global experience, which should be based on the results and standards of development in various sectors, including health, climate, energy, mining and minerals and public private measures.
The delegation apprised the Minister for his upcoming meetings with key stakeholders, including officials of the World Bank (WB), Asian Development Bank (ADB), and Economic Affairs Division (EAD).
The Finance Minister expressed his recent meeting with World Bank President Ajay Banga, highlighting Pakistan’s commitment to the responsible and transparent use of financing.
He confirmed that the government’s national priorities – focus on climate flexibility and population management. Both of them are being supported by important funds, including the recently approved flexibility and stability facility (RSF) $ 1.3 billion.
The Minister remarked, “At this stage of our reform journey, what Pakistan needs is not financial support – it is the support of our bilateral and multilateral partners strategies, strategies and global skills.”
The meeting also included a deep debate on creating future cooperation and explaining important priority areas, where delat assistance could be important. The Devilite team expressed their strong appreciation for the positive economic indicators emerging from Pakistan and reaffirmed the government to work with Pakistan to support its reform and development agenda.
