Aurangzeb holds ADB talks on reforms at Davos

Federal Minister for Finance and Revenue Senator Muhammad Aurangzeb held a series of meetings in Davos on the sidelines of the World Economic Forum (WEF) Annual Meeting, focusing on Pakistan's economic reform agenda, international partnerships and investment-led growth.

According to an official statement issued on Wednesday, the finance minister met Masato Kanda, President of the Asian Development Bank (ADB), to review ongoing economic reforms and discuss ways to deepen the long-standing partnership between Pakistan and the multilateral lender. During the meeting, the ADB president said Pakistan was entering an important phase of economic transformation, citing renewed momentum in reforms and improving market confidence. He highlighted ADB's expanding engagement in Pakistan and reaffirmed the Bank's commitment to continued support through a close working relationship.

Aurangzeb thanked the ADB president for his support and guidance, noting that Pakistan's relationship with the Bank had entered a more strategic phase. He said the past year marked a shift towards macroeconomic stability and that the positive trajectory was continuing. The finance minister pointed to easing inflation, declining policy rates, strengthening foreign exchange reserves and improving investor sentiment as indicators reflecting renewed confidence in the reform process.

The finance minister also briefed the ADB president on progress in structural reforms, particularly the government's focus on privatisation and private sector participation. He said recent initiatives had generated market interest and helped establish benchmarks, with additional projects in the pipeline across several sectors. Aurangzeb stressed the importance of continued engagement with development partners, including ADB, to support reforms and unlock growth.

Discussions also covered reforms in the energy sector and efforts to advance sustainable and clean energy solutions. The finance minister outlined measures aimed at improving efficiency and strengthening systems to support long-term economic sustainability. Both sides agreed to maintain close coordination to identify practical solutions for inclusive growth, while the ADB president emphasised the role of private sector participation and timely delivery of development outcomes. Separately, Aurangzeb met Hassan El Houry, Chairperson of Menzies Aviation, to discuss cooperation in the aviation sector. The meeting focused on airport services, operational efficiency and potential investment opportunities linked to Pakistan's reform and privatisation agenda.

The finance minister briefed El Houry on the government's privatisation plans, including progress related to Pakistan International Airlines, and plans to outsource operations at major airports in Islamabad, Karachi and Lahore. He said recent economic developments had helped create conditions conducive to private investment and partnerships.