IMF chief appreciates Pakistan’s reform progress, macroeconomic stability

International Monetary Fund (IMF) Managing Director Kristalina Georgieva on Thursday appreciated the ongoing progress in economic reform in Pakistan during her interaction with Finance Minister Muhammad Aurangzeb at the 2026 Spring Meetings of the IMF and World Bank.

In a statement on She added: “Sound economic policies, as well as deeper structural reforms, will be essential to sustain growth and improve the well-being of Pakistan’s people.”

The Minister of Finance held a series of high-level meetings and multilateral engagements on the third day of the 2026 Spring Meetings of the IMF and the World Bank in Washington, DC, highlighting the country’s economic stabilization, reform trajectory and global economic engagement, the Ministry of Finance said on X.

On the sidelines of the launch of the Borrowers’ Platform, the Minister of Finance met the Secretary General of the United Nations, António Guterres. The ministry said Aurangzeb appreciated its participation and support in establishing the platform.

According to the statement, the two sides exchanged views on the global economic implications of the evolving situation in the Middle East, particularly its impact on food and energy security in developing countries.

“The Secretary-General commended Pakistan’s constructive role in promoting peace and stability in the region and beyond,” the statement said.

Aurangzeb also participated in the 15th ministerial meeting of the Coalition of Finance Ministers for Climate Action (CFMCA) held under the theme “Climate action as an engine of growth, employment and competitiveness”.

He highlighted Pakistan’s fiscal resilience, noting that although the country had required international assistance during the 2022 floods, it had been able to mobilize domestic resources in response to a similar climate shock in 2025.

The Finance Minister outlined green finance reforms, including the State Bank’s Green Taxonomy Guidelines, and said Pakistan has 8,000 MW of installed solar power with a target of 90% renewable energy generation in the next decade.

Read: Aurangzeb hopes for quick approval from IMF board

He also appreciated international partners, including the IMF’s Resilience and Sustainability Fund (RSF) and the World Bank’s Country Partnership Framework.

At the launch of the Borrowers’ Platform, the Finance Minister highlighted the challenges facing developing economies amid rising borrowing costs and limited fiscal space.

He said: “The platform fills a critical gap by providing a voluntary, member-led forum for sharing experiences and amplifying the collective voice of borrowing countries in global financial governance.”

He also recognized Egypt’s leadership and the UN Secretary-General’s advocacy for reform of the global financial architecture.

Atlantic Council Policy Forum

At a policy forum titled ‘Pakistan’s Path to Reform and Resilience’, the Finance Minister highlighted the macroeconomic stabilization achieved through fiscal discipline and the IMF-supported reform agenda.

Aurangzeb said Pakistan had played a constructive role globally, including facilitating a ceasefire between the United States and Iran.

He also highlighted reforms including privatization, restructuring of federal ministries and improving public financial management. “We are committed to strengthening governance through digital transformation to improve service delivery and reduce leakages,” he added.

He further said that Pakistan-US relations were moving from an aid-based partnership to a trade-based partnership, with increasing cooperation in minerals and critical infrastructure.

Meeting with Fitch Ratings

In meetings with Fitch Ratings, Aurangzeb thanked the agency for reaffirming Pakistan’s B- credit rating. He also highlighted the agreement reached at the IMF staff level under the Extended Financing Facility (EFF) and the second review of the FSR.

He said Pakistan had secured sufficient external financing to meet its obligations for the financial year 2026 and outlined plans to diversify access to the international capital market through Panda Bonds, Eurobonds, International Sukuk and ESG Bonds.

Aurangzeb participated in a high-level session with the Managing Director of the IMF and Finance Ministers and Central Bank Governors from the MENAP region.

He described the Middle East crisis as a global supply shock and detailed Pakistan’s policy response, including adjustments in procurement, pricing and logistics, as well as a move towards targeted subsidies.

He also said that coordination was underway with the State Bank of Pakistan (SBP) to assess the macroeconomic fallout.

Meeting with the Asian Development Bank

Aurangzeb met Masato Kanda, President of the Asian Development Bank (ADB), where he highlighted the country partnership strategy as an important step in cooperation.

He appreciated the ADB’s support, including credit enhancement for Pakistan’s first Panda Bond, and discussed coordinated responses to global supply shocks.

He also invited the ADB President to visit Pakistan.

The Minister of Finance met with senior executives of Franklin Templeton on Privatization and Capital Market and JPMorgan Chase on Capital Markets and Financing Strategy, briefing them on the privatization program and noting that nearly 30 state-owned enterprises had been transferred to the Privatization Commission.

He highlighted opportunities in infrastructure, aviation and energy, and outlined plans to return to international capital markets through the Global Medium-Term Note (GMTN) program.

He also mentioned reforms including the establishment of the Pakistan Virtual Assets Regulatory Authority (PVARA).

At the Citi Macro Forum, Aurangzeb said Pakistan has reached an agreement at the IMF staff level, approval of which by the Executive Board is expected shortly.

He highlighted Pakistan’s response to global supply shocks and emerging opportunities, including increasing transit volumes at the Karachi port and Gwadar’s potential as a strategic trade corridor.

He also highlighted the importance of strategic reserves and accelerating the transition to renewable energy.