Aurangzeb thanks China for support on Pakistan’s IMF programme

WASHINGTON, DC: Finance Minister Muhammad Aurangzeb thanked China for its support in helping Pakistan’s engagements with the International Monetary Fund during a meeting with his Chinese counterpart on the sidelines of the World Bank Group and IMF Spring Meetings 2026, according to a statement issued by the finance ministry on Friday.

Aurangzeb arrived in the United States on Monday to attend the Spring Meetings being held in Washington from April 13 to 18. The annual gathering has brought together finance ministers, central bank governors, policymakers and development experts from across the world at a time of continued global economic uncertainty.

During his meeting with Chinese Finance Minister Lan Fo’an, Aurangzeb expressed appreciation for China’s long-term bilateral backing for Pakistan and also acknowledged the role played by China’s executive director at the IMF in facilitating Pakistan’s programme-related engagements, the ministry said.

According to the ministry, Aurangzeb briefed Lan on Pakistan’s performance under the IMF programme. He said Pakistan had successfully concluded a staff-level agreement for the third review under the Extended Fund Facility and the second review under the Resilience and Sustainability Facility, with approval by the IMF executive board expected in early May.

The finance minister also updated the Chinese side on progress regarding Pakistan’s first Panda bond issuance, which he said was part of the government’s effort to broaden financing avenues and strengthen engagement with international capital markets.

The ministry said Aurangzeb also appreciated Lan’s acknowledgement of Pakistan’s active role in facilitating dialogue and promoting regional stability. He conveyed Pakistan’s full and unconditional support for the establishment of the Shanghai Cooperation Organisation Development Bank, particularly as Pakistan is set to assume the SCO presidency in September. He also thanked China’s executive directors at both the IMF and the World Bank for their continued support.

Meetings with Moody’s and Chinese central bank chief

Separately, Aurangzeb met representatives of Moody’s during the Spring Meetings and briefed them on Pakistan’s external financing position, the ministry said. He told the rating agency that Pakistan had met its Eurobond repayment obligations and was continuing to honour all creditor commitments on time.

The ministry said he also highlighted financial support from Saudi Arabia, which is expected to further strengthen the country’s external position.

In the same meeting, the finance minister outlined Pakistan’s medium-term plan to return to international capital markets, identifying key instruments under active preparation, including a Eurobond and a dollar-settled rupee-linked bond, as part of efforts to diversify financing sources

The ministry added that Aurangzeb also briefed Moody’s on the government’s response to the ongoing regional crisis, saying steps had been taken to protect supply chains and implement full price pass-through, backed by targeted digital subsidies for vulnerable segments of the population.

Aurangzeb also met People’s Bank of China Governor Dr Pan Gongsheng and thanked him for China’s continued support for Pakistan, according to the ministry. During the meeting, he shared an update on Pakistan’s planned inaugural Panda bond issuance and sought expedited approval from the National Association of Financial Market Institutional Investors.

The ministry said Aurangzeb also referred to the immediate economic effects of the ongoing regional conflict and said the government had activated targeted subsidies and demand management measures to reduce the impact. The meeting concluded with Pan inviting Aurangzeb to visit Beijing in the near future, it added.

Investor outreach and wider schedule

The finance minister also took part in a JP Morgan Investment Seminar titled Pakistan: Economic and Monetary Policy Outlook, where he engaged with global institutional investors. State Bank of Pakistan Governor Jameel Ahmad also attended the session.

According to the ministry, Aurangzeb again briefed investors on progress towards Pakistan’s inaugural Panda bond issuance as part of the broader financing diversification strategy. He provided a detailed overview of the government’s energy supply management strategy in the wake of the ongoing regional conflict, noting that measures such as demand management, market timing adjustments, and full price pass-through — supported by targeted digital subsidies for vulnerable segments — have been implemented to manage the impact.

During his visit to the United States, Aurangzeb is expected to take part in more than 50 high-level engagements between April 13 and 18.

On Thursday, IMF Managing Director Kristalina Georgieva met Aurangzeb and commended Pakistan’s continued progress on economic reforms under the Fund programme and the resulting macroeconomic stability, according to the finance ministry. The ministry said the remarks reflected growing international recognition of Pakistan’s reform efforts and its commitment to maintaining economic stability through prudent policymaking.