Aurangzeb Seeks Deeper Investment, Financial Cooperation With Saudi Arabia, US

Aurangzeb Seeks Deeper Investment, Financial Cooperation With Saudi Arabia, US

WASHINGTON, D.C. (Web Desk) — Pakistan’s Finance Minister and Senator Muhammad Aurangzeb continued a series of high-level engagements on the third day of the Annual Meetings of the International Monetary Fund (IMF) and the World Bank in Washington, D.C.

The meetings focused on sustaining Pakistan’s economic reforms, enhancing international investment opportunities, and strengthening bilateral financial cooperation.

During his meeting with Saudi Finance Minister Mohammed Al-Jadaan, both sides discussed growing trade and investment relations. Senator Aurangzeb briefed him on progress regarding the privatization of PIA and airports, and invited Saudi participation in Pakistan’s infrastructure projects.

The Finance Minister also met with Benjamin Black, CEO of the U.S. International Development Finance Corporation (DFC), and highlighted vast investment opportunities in oil, gas, minerals, agriculture, IT, and pharmaceuticals.

He held discussions with Anar Karimov, Azerbaijan’s First Deputy Minister of Finance, on the upcoming Pakistan-Azerbaijan Preferential Trade Agreement (January 2025) and the Transit Trade Agreement (December 2024), describing them as vital tools to expand bilateral trade beyond traditional items.

In a meeting with Hiroshi Matano, Executive Vice President of the Multilateral Investment Guarantee Agency (MIGA), Senator Aurangzeb appreciated the agency’s cooperation in ongoing arbitration cases and welcomed MIGA’s proposed short-term trade finance facility.

Senator Aurangzeb also participated in the Barwaaz Forum Roundtable, emphasizing the importance of balancing debt repayments with investment in social sectors. Later, he met with the senior management of Standard Chartered Bank to discuss capital market access through Panda Bonds, Eurobonds, and international Sukuk.

At the end of the day, the Finance Minister attended a dinner hosted by Pakistan’s Ambassador Rizwan Saeed Sheikh at the Pakistan House in Washington, where he met prominent members of the Pakistani business community. He briefed them on Pakistan’s improving credit rating, macroeconomic stability, and ongoing structural reforms.

Senator Aurangzeb reaffirmed the government’s focus on improving the tax system, energy reforms, and easing the regulatory framework to promote business confidence.