Aurangzeb appreciates China’s IMF support, advances economic cooperation during Washington meetings
Finance Minister Muhammad Aurangzeb meets with Chinese Finance Minister Lan Fo’an in Washington DC. PHOTO: X
Finance Minister Muhammad Aurangzeb on Friday expressed appreciation for China’s continued bilateral support at the International Monetary Fund (IMF), as well as the constructive role played by its Executive Director in facilitating Pakistan’s programme engagements.
According to a post by the Ministry of Finance Pakistan on X, the remarks were made during high-level meetings held in Washington, DC on the sidelines of the World Bank–IMF Spring Meetings 2026.
During his visit, Aurangzeb met Chinese Finance Minister Lan Fo'an, where both sides reaffirmed their commitment to strengthening economic cooperation and deepening their strategic partnership.
The finance minister briefed his counterpart on Pakistan’s progress under the IMF programme, stating that the country had “successfully concluded a Staff-Level Agreement for the third review under the Extended Fund Facility (EFF) and the second review under the Resilience and Sustainability Facility (RSF), with IMF Executive Board approval expected in early May.”
Finance Minister Meets Chinese Finance Minister, Reaffirms Strategic Partnership and Economic Cooperation
Federal Minister for Finance and Revenue, Senator Muhammad Aurangzeb, held an important meeting with H.E. Mr. Lan Fo’an, Minister of Finance of the People’s Republic of… pic.twitter.com/NfZTOB3jfGHe further noted that Pakistan had successfully repaid its $1.4 billion Eurobond and secured “significant additional financial support” from Saudi Arabia to strengthen its external position.
On Wednesday, the finance ministry said Saudi Arabia had committed $3 billion in additional deposits, with disbursement expected in the coming week. The existing $5 billion Saudi deposit, the minister added, would no longer remain subject to the previous annual rollover arrangement and would instead be extended for a longer period.
On external financing initiatives, Aurangzeb updated the Chinese side on progress regarding Pakistan’s planned inaugural Panda bond issuance, aimed at diversifying funding sources and expanding engagement with international capital markets.
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Highlighting growing bilateral trade, he noted that the share of Pakistan–China trade settled in Renminbi (RMB) had increased significantly, and stressed the need for an expanded currency swap arrangement to support rising trade volumes. He also welcomed China’s acknowledgement of Pakistan’s role in facilitating dialogue and promoting regional stability.
Reaffirming Pakistan’s commitment to multilateral cooperation, Aurangzeb conveyed “full and unconditional support” for the establishment of the Shanghai Cooperation Organisation (SCO) Development Bank, particularly as Pakistan prepares to assume the SCO Presidency in September.
The statement added that the meeting concluded with mutual appreciation for the continued support extended by China’s Executive Directors at both the IMF and the World Bank.
Separately, Aurangzeb held talks with People's Bank of China Governor Pan Gongsheng where discussions focused on financial cooperation, market access, and IMF-related developments. According to the finance ministry, the minister again expressed appreciation for China’s support at the IMF, particularly within the Executive Board.
Finance Minister Meets Governor of the People’s Bank of China, Discusses Financial Cooperation and Market Access
Federal Minister for Finance and Revenue, Senator Muhammad Aurangzeb, held a productive meeting with Dr. Pan Gongsheng, Governor of the People’s Bank of China (PBOC),… pic.twitter.com/mQCksJ4sD8He also briefed the Chinese central bank governor on Pakistan’s planned Panda bond issuance and requested expedited approval from the National Association of Financial Market Institutional Investors (NAFMII).
Referring to economic pressures arising from regional developments, Aurangzeb said the government had activated targeted subsidies and demand management measures to mitigate the impact of the ongoing situation.
The meeting concluded with an invitation from Pan for the finance minister to visit Beijing in the near future.
In a separate engagement, Aurangzeb met OPEC Fund for International Development Chief Executive Officer Abdulhamid Alkhalifa. He expressed interest in fully leveraging the fund’s three complementary financing windows, including sovereign lending for the public sector, private sector financing, and Islamic finance instruments.
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The finance minister also encouraged the OPEC Fund to deepen its engagement with Pakistan’s private sector and explore policy-based budget support operations, Radio Pakistan reported.
The Spring Meetings are taking place against the backdrop of the ongoing Middle East conflict, which has delivered a significant shock to the global economy. The issue was also highlighted at the Pakistan Conference, where participants noted that the regional crisis has created a challenging economic environment for many countries.
IMF and World Bank officials have indicated that global growth forecasts may be downgraded, while inflation projections could rise, warning that emerging markets and developing economies are likely to be hardest hit by higher energy prices and supply chain disruptions.