Finance Minister Muhammad Aurangzeb announced on Friday that recent discussions with the International Monetary Fund (IMF) have been “constructive,” expressing optimism that a staff-level agreement will be finalized soon during his upcoming visit to Washington, D.C.
Speaking virtually at a business session in Karachi, attended by a high-level Saudi delegation led by Prince Mansour bin Mohammad Al Saud, the minister reaffirmed Pakistan’s commitment to private sector–led growth and deeper economic cooperation with the Kingdom of Saudi Arabia. The session was co-hosted by the Overseas Investors Chamber of Commerce & Industry (OICCI) and the Pakistan Business Council (PBC).
Pakistan and the International Monetary Fund (IMF) made significant progress toward a staff-level agreement following review talks under the Extended Fund Facility (EFF) and Resilience and Sustainability Facility (RSF), the Washington-based lender said after concluding its… pic.twitter.com/t9O7iyCh8S
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Aurangzeb emphasized that the government’s role was to facilitate business activity, stating: “The private sector must lead the way in driving growth – our job is to provide the right ecosystem.” He shared encouraging economic indicators with the Saudi team, highlighting macroeconomic stability, improved credit ratings, and a stable foreign exchange regime.
Referring to Pakistan’s recent USD 500 million Eurobond repayment, the minister remarked, “When there is macroeconomic stability, such events become non-events—there is no drama.” He added that the government continues to implement structural reforms in taxation and energy, with active input from the private sector.
Aurangzeb also announced that Pakistan’s cabinet had approved a landmark Security Pact with Saudi Arabia, describing it as a “key milestone” in expanding bilateral cooperation. He praised Saudi Vision 2030 as a model of effective execution and expressed confidence that the partnership between the two nations is entering a “new era of strategic and economic collaboration.”
Domestically, the minister reaffirmed the government’s focus on tax digitization, documentation, and fiscal transparency, noting that Pakistan’s true economic size approaches $1 trillion when accounting for its undocumented sector.
Concluding his remarks, Aurangzeb extended best wishes to the Saudi delegation for their engagements in Karachi and Lahore and confirmed plans to meet Saudi leadership again at the upcoming Future Investment Initiative (FII) in Riyadh.
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