Finance minister reviews Pakistan's macroeconomic performance in meeting with IMF officials

Finance Minister Muhammad Aurangzeb held meetings with the senior officials of the International Monetary Fund (IMF) and reviewed Pakistan’s macroeconomic performance and progress under the Fund’s programme, the finance ministry said on Thursday.

In a post on social media platform X, the finance ministry said that the minister held a series of meetings with the Fund’s senior management, including First Deputy Managing Director Dan Katz, Deputy Managing Director Nigel Clarke, Director of the Middle East and Central Asia Department Jihad Azour and Mission Chief for Pakistan Iva Petrova.

“During the meetings, the finance minister reviewed Pakistan’s macroeconomic performance and progress under the Extended Fund Facility (EFF), Resilience and Sustainability Facility (RSF), and the broader IMF-supported reform programme,” the ministry stated.

He highlighted the country’s “improved fiscal and external balances, achievement of revenue targets, stronger foreign exchange reserves, record remittances and an improved current account position”.

The ministry further said that discussions also covered “tax and energy reforms, privatisation, tariff rationalisation, debt management, diversification of financing sources and Pakistan’s return to international capital markets”.

It added that both sides also exchanged views on human capital development, women’s economic participation, demographic challenges, technology-led growth, and private sector-led, export-oriented development.

Aurangzeb concluded the meetings by thanking the Fund for recognising Pakistan’s “strong programme ownership and reform progress”, while reaffirming the government’s “commitment to fiscal discipline, policy credibility, structural reforms, and long-term economic transformation”.

Aurangzeb meets Exim Bank president

Earlier, Aurangzeb met with US Export-Import Bank President and Chairman John Jovanovic and discussed economic and commercial cooperation with him.

“During the meeting, the finance minister discussed expanding Pakistan–US economic and commercial cooperation, with a focus on financing for specific long-term projects and increased trade in agricultural commodities, including cotton and soybeans, as well as hydrocarbons,” the ministry said.

Finance Minister Muhammad Aurangzeb meets with the senior management of the International Monetary Fund in Washington, US on July 22, 2026. — @Financegovpk/X

Aurangzeb welcomed the Bank’s proposal for “developing a broader framework to consolidate priority projects, establish multi-year transaction pipeline, and facilitate US financing, technology, equipment and services”.

The ministry further said that both sides agreed to identify “near-term transactions, designate focal persons, and work towards finalising the strategic framework”, which is expected to be signed on the sidelines of the UN General Assembly session in September 2026.

The finance minister is currently visiting Washington, and had met with a number of US officials to discuss measures to expand bilateral trade and investment.

On Tuesday, in a meeting with his US counterpart Scott Bessent, he asked him to provide Pakistan with $10 billion Exchange Stabilisation Support Facility to help strengthen the national economy.

In another meeting with a US technology firm, Honeywell Technologies, the finance minister discussed a proposed plan to modernise and expand Pakistan’s refinery sector.

The finance minister’s visit comes as the Pakistani and US officials continue negotiations over the global tariff regime announced by US President Donald Trump on April 2, 2025, under the International Emergency Economic Powers Act (IEEPA), which initially imposed a 29 per cent tariff on Pakistani exports.

A Pakistani delegation that visited Washington in July 2025 succeeded in persuading US officials to reduce the proposed tariff from 29 per cent to 19pc. ...