Aurangzeb urges early review of IMF surcharges at G-24 meeting

Islamabad: Federal Minister for Finance and Revenue Senator Muhammad Aurangzeb has called for an early and substantive review of International Monetary Fund (IMF) surcharges, according to an official statement issued on Tuesday after his intervention at the G-24 Finance Ministers and Central Bank Governors' Meeting held on the sidelines of the World Bank-IMF Spring Meetings 2026.

Speaking in his capacity as First Vice Chair of the G-24, Aurangzeb said the global economy remained under pressure from successive shocks, with the latest strain coming from geopolitical tensions in the Middle East. He said these tensions had triggered a major supply shock affecting energy markets, fertilisers and wider financial conditions.

The finance minister stressed the need for de-escalation and said protecting critical maritime and energy corridors, along with sustained efforts for peace, was essential for global economic stability.

Call for flexibility in IMF programme design

According to the official statement, Aurangzeb also voiced Pakistan's support for the ongoing review of IMF programme design and conditionality. He said strong macroeconomic stability anchors should be preserved, while greater flexibility was needed to address macro-critical risks and support growth and employment objectives.

He also underscored the importance of expanding cooperation with the World Bank in areas including job-intensive investment, infrastructure development and innovative financing solutions aimed at supporting sustainable growth.

Reaffirming Pakistan's commitment to resilience, inclusion and shared prosperity, Aurangzeb called for stronger international cooperation to deal with emerging economic challenges.

Meeting with US Treasury official

Separately, Aurangzeb met Jonathan Greenstein, Deputy Under Secretary for International Affairs at the US Department of the Treasury, on the margins of the spring meetings.

During the meeting, the finance minister highlighted the successful staff-level agreement reached with the IMF and reaffirmed Pakistan's commitment to its reform programme, the statement said.

Aurangzeb also told the US side that Pakistan had met its Eurobond payment obligation of $1.3 billion and reiterated the government's resolve to meet all upcoming external financial obligations on time.

The two sides also discussed the economic fallout of the continuing conflict in the Middle East, particularly its implications for remittances and Pakistan's external sector.

According to the statement, the finance minister briefed the US side on measures being taken to manage both the first-order and second-order effects of the conflict, as well as ongoing efforts to strengthen foreign exchange reserves.

Both sides expressed a desire to deepen economic engagement further and said they looked forward to building a more resilient and diversified economic partnership based on shared interests in regional stability and sustainable growth.