Finance minister heads to Bangkok for IMF, World Bank meetings

AI Summary

Pakistan Finance Minister Muhammad Aurangzeb is traveling to Bangkok to lead the country’s delegation at the IMF and World Bank annual meetings. His agenda includes talks with multilateral lenders, investors and foreign counterparts on Pakistan’s economic reforms, investment, trade and development cooperation.

Finance Minister Muhammad Aurangzeb on Saturday departed for Bangkok for the annual International Monetary Fund (IMF) and World Bank Group meetings. In a statement, the finance ministry said Aurangzeb would lead Pakistan’s delegation to the World Bank Group–IMF annual meetings, scheduled to be held from Oct 12 to 18. Thailand is preparing to host the IMF-World Bank annual meetings in Bangkok, bringing together more than 15,000 participants from 191 countries, including central bank governors, economic policymakers and business leaders, for discussions on the world economy. “During the visit, the finance minister will represent Pakistan at key events of the IMF and the World Bank Group and undertake an extensive programme of over 60 high-level engagements with international financial institutions, finance ministers and policymakers, development partners, global investors, banks, credit rating agencies, think tanks and international media,” the statement said. The ministry said the visit came as Pakistan continued its transition from “macroeconomic stabilisation towards sustainable, investment and export-led growth, while advancing structural reforms and strengthening engagement with international capital markets and development partners”. The statement said Aurangzeb will hold a series of high-level engagements with the leadership of the IMF and World Bank Group, including the International Finance Corporation and the Multilateral Investment Guarantee Agency, focusing on Pakistan’s macroeconomic outlook, reform progress, private sector development and future cooperation. He will also attend the IMF managing director’s meeting with finance ministers, central bank governors and heads of regional financial institutions of the Middle East, North Africa, Afghanistan and Pakistan region. He will also engage with the leadership of major multilateral and development finance institutions, including the Asian Infrastructure Investment Bank, the Opec Fund for International Development, the Saudi Fund for Development, the International Islamic Trade Finance Corporation, the Japan International Cooperation Agency, the ECO Trade and Development Bank, the United Nations Economic and Social Commission for Asia and the Pacific, and the International Organisation for Migration. “On the bilateral front, Aurangzeb will hold high-level meetings with counterparts from Saudi Arabia, China, Turkiye, Iran, the United Kingdom and host country Thailand, aimed at strengthening economic, investment, trade and development cooperation. He will also engage with the US Department of the Treasury to further strengthen bilateral economic cooperation and discuss Pakistan’s reform and investment agenda,” the statement said. The ministry said Aurangzeb will also meet and participate in investment seminars, sovereign investor forums and roundtable discussions with leading international financial institutions. “These engagements will provide an opportunity to highlight Pakistan’s improving macroeconomic fundamentals, structural reform agenda, international market access and investment potential,” it said. The minister will engage with Alibaba International Digital Commerce as part of discussions on Pakistan’s digital economy, e-commerce and investment opportunities. In addition, he will participate in key multilateral forums and will also contribute to high-level policy discussions. “As part of Pakistan’s international market outreach, the finance minister will hold engagements with all three major global sovereign credit rating agencies, Fitch Ratings, Moody’s and S&P Global, and present Pakistan’s economic and reform trajectory to international investors,” the statement said, adding that he would also engage with leading international media organisations. “Across these engagements, the finance minister will highlight Pakistan’s progress in restoring macroeconomic stability, strengthening fiscal and external buffers, advancing structural reforms and returning to international capital markets, while setting out the government’s priorities for investment, exports, private sector-led growth, job creation and greater financial inclusion,” it said. Additional input from Reuters