Aurangzeb pitches reform agenda in Washington, highlights new investment opportunities

Federal Minister for Finance and Revenue, Senator Muhammad Aurangzeb, has held a series of high-level meetings with global financial and business leaders in Washington, seeking to deepen Pakistan’s economic partnerships with Saudi Arabia, the United States, and other key stakeholders.

The meetings, held on the sidelines of the International Monetary Fund (IMF) and World Bank annual gatherings, focused on strengthening Pakistan’s reform program, attracting foreign investment, and expanding financial cooperation amid signs of macroeconomic stabilization.

U.S. Development Finance Corporation Eyes New Projects

In a key meeting with the CEO of the U.S. International Development Finance Corporation (DFC), Benjamin Black, the finance minister highlighted a wide range of investment opportunities in Pakistan’s oil and gas, mining, agriculture, information technology, and pharmaceutical sectors.

Aurangzeb emphasized that Pakistan and the United States were aligned on advancing private-sector-led growth. “We welcome the DFC’s interest in commercially viable investments that can strengthen Pakistan’s energy security, industrial base, and export potential,” he said.

He invited U.S. investors to explore joint ventures in renewable energy, digital infrastructure, and climate-resilient agriculture, underscoring Pakistan’s progress in improving its business climate and policy predictability.

Saudi Investment to Boost Energy, Infrastructure

During a key meeting with Saudi Finance Minister Mohammed Aljadaan, Aurangzeb reaffirmed Pakistan’s commitment to the IMF-supported reform program and the ongoing privatization of major state-owned enterprises, including Pakistan International Airlines (PIA) and national airports.

Both ministers agreed on the critical role of Saudi Arabia as a strategic investment partner in Pakistan’s infrastructure and energy transition. Aurangzeb invited Saudi support for public-private partnership projects and highlighted opportunities in renewable power, industrial zones, and logistics. 

Last week, Saudi investor Prince Mansour bin Saud signed a memorandum of understanding with Pakistani entrepreneur Shaheryar Chishty to acquire a controlling stake in K-Electric, the country’s largest and only privatized power utility. Chishty, chairman of AsiaPak Investments, confirmed that 53.8% of shares in KES Power Limited — which holds a 66.4% ownership stake in K-Electric — would be sold to the Saudi investor under the newly signed agreement.

Saudi investment in K-Electric represents one of the most significant foreign investments in Pakistan’s power sector, reflecting growing investor confidence in the country’s economic direction.

Azerbaijan, MIGA and Global Financial Engagements

In another engagement, Senator Aurangzeb met with Azerbaijan’s First Deputy Finance Minister, Anar Karimov, reaffirming strong economic and strategic ties between the two countries. He noted that the Pakistan-Azerbaijan Preferential Trade Agreement (PTA) expected in January 2025, and the Transit Trade Agreement (December 2024), would diversify bilateral trade beyond oil and rice into pharmaceuticals, chemicals, machinery, and textiles.

Aurangzeb also met with Multilateral Investment Guarantee Agency (MIGA) Executive Vice President Hiroshi Matano and appreciated the agency’s support for Pakistan’s ongoing arbitration cases and investment risk coverage. He welcomed MIGA’s proposal for a short-term trade finance facility to help secure critical imports such as food, fertilizer, and energy supplies.

At the Borrowers’ Forum Roundtable, the minister called for enhanced debt coordination and sustainable finance mechanisms, saying that developing nations needed greater fiscal space to meet social and climate investment needs.

The two sides also discussed expanding collaboration through the International Finance Corporation (IFC) and MIGA to catalyze private sector financing for major projects.

Global Investors Show Renewed Confidence

Aurangzeb also met with the senior management of Standard Chartered Bank and acknowledged the bank’s longstanding presence in Pakistan’s financial sector. He briefed the team on the country’s improving sovereign credit outlook, recent Panda Bond issuance, and plans to re-enter global markets through Eurobonds and Sukuk.

The minister urged the bank to enhance trade finance offerings and share new proposals to strengthen collaboration, noting that international credit agencies’ improved outlook had boosted investor confidence in Pakistan’s economy.

Later, addressing the Citi Macro Forum alongside the State Bank Governor and Finance Secretary, Aurangzeb outlined Pakistan’s progress in fiscal discipline, monetary management, and structural reforms under the IMF program. He said the government’s stabilization measures were translating into renewed economic momentum.

Commitment to Reform and Green Growth

At a working dinner hosted by Ambassador Rizwan Saeed Sheikh at Pakistan House, Aurangzeb met with leading Pakistani entrepreneurs and briefed them on the government’s reform agenda, privatization efforts, and improved credit ratings.

He emphasized that Pakistan was committed to maintaining fiscal responsibility, expanding social protection, and promoting inclusive green growth. “Our reform momentum and international partnerships mark a turning point for Pakistan’s economic revival,” Aurangzeb said, assuring that the government would continue to create a stable, investment-friendly environment.