IMF MD appreciates Pakistan’s reform progress and macro stability

International Monetary Fund (IMF) Managing Director Kristalina Georgieva on Thursday appreciated Pakistan’s ongoing economic reform progress during her interaction with Finance Minister Muhammad Aurangzeb at the IMF–World Bank Spring Meetings 2026.

In a statement on X, she said, “Pakistan’s strong implementation of its reform programme has helped maintain macroeconomic stability and build investor confidence”. She added, “Sound economic policies, along with deeper structural reforms, will be critical for sustaining growth and improving the welfare of the people of Pakistan”.

The finance minister held a series of high-level meetings and multilateral engagements on the third day of the IMF–World Bank Spring Meetings 2026 in Washington, DC, highlighting the country’s economic stabilisation, reform trajectory and global economic engagement, the finance ministry said on X

On the sidelines of the launch of the Borrowers’ Platform, the finance minister met United Nations Secretary-General António Guterres. The ministry said Aurangzeb appreciated his participation and support for the platform’s creation.

According to the statement, both sides exchanged views on global economic implications of the evolving Middle East situation, particularly its impact on food and energy security in developing countries.

“The Secretary-General commended Pakistan’s constructive role in promoting peace and stability in the region and beyond,” the statement said.

Aurangzeb also participated in the 15th Ministerial Meeting of the Coalition of Finance Ministers for Climate Action (CFMCA) held under the theme “Climate Action as an Engine of Growth, Jobs and Competitiveness”.

He highlighted Pakistan’s fiscal resilience, noting that while the country required international assistance during the 2022 floods, it was able to mobilise domestic resources in response to a similar climate shock in 2025.

The finance minister outlined reforms in green finance, including the State Bank’s Green Taxonomy Guidelines, and said Pakistan had 8,000mw of installed solar power with a target of 90% renewable energy generation within the next decade.

Read: Aurangzeb hopeful of early IMF board approval

He also appreciated international partners, including the IMF’s Resilience and Sustainability Facility (RSF) and the World Bank’s Country Partnership Framework.

At the launch of the Borrowers’ Platform, the finance minister highlighted challenges faced by developing economies amid rising borrowing costs and limited fiscal space.

He said, “The platform fills a critical gap by providing a voluntary, member-driven forum for experience-sharing and amplifying the collective voice of borrowing nations in global financial governance”.

He also acknowledged leadership from Egypt and advocacy from the UN Secretary-General for reforming the global financial architecture.

Atlantic Council Policy Forum

At a policy forum titled “Pakistan’s Path to Reform and Resilience,” the finance minister highlighted macroeconomic stabilisation achieved through fiscal discipline and the IMF-supported reform programme.

Aurangzeb said Pakistan had played a constructive global role, including facilitating a ceasefire between the United States and Iran.

He also noted reforms including privatisation, rightsising of federal ministries and improvements in public financial management. “We are committed to strengthening governance through digital transformation to improve service delivery and reduce leakages,” he added.

He further said Pakistan–US relations were shifting from an aid-based to a trade-based partnership, with growing cooperation in critical minerals and infrastructure.

Meeting with Fitch Ratings

In meetings with Fitch Ratings, Aurangzeb thanked the agency for reaffirming Pakistan’s B- credit rating. He also highlighted the Staff-Level Agreement with the IMF under the Extended Fund Facility (EFF) and the second review under the RSF.

He said Pakistan had secured sufficient external financing to meet its FY2026 obligations and outlined plans to diversify international capital market access through Panda Bonds, Eurobonds, International Sukuk and ESG bonds.

Aurangzeb participated in a high-level session with the IMF Managing Director and finance ministers and central bank governors from the MENAP region.

He described the Middle East crisis as a global supply shock and detailed Pakistan’s policy response, including adjustments in procurement, pricing and logistics, and a shift towards targeted subsidies.

He also said coordination was ongoing with the State Bank of Pakistan (SBP) to assess macroeconomic spillovers.

Meeting with Asian Development Bank

Aurangzeb met Masato Kanda, President of the Asian Development Bank (ADB), where he highlighted the Country Partnership Strategy as a milestone in cooperation.

He appreciated ADB’s support, including credit enhancement for Pakistan’s inaugural Panda Bond, and discussed coordinated responses to global supply shocks.

He also invited the ADB President to visit Pakistan.

The finance minister met senior leadership of Franklin Templeton on Privatisation and Capital Market and JPMorgan Chase, Capital Markets and Financing Strategy, updating them on the privatisation programme and noting that nearly 30 state-owned enterprises had been transferred to the Privatisation Commission.

He highlighted opportunities in infrastructure, aviation and energy, and outlined plans for return to international capital markets via the Global Medium-Term Note (GMTN) programme.

He also mentioned reforms, including the establishment of the Pakistan Virtual Assets Regulatory Authority (PVARA).

At the Citi Macro Forum, Aurangzeb said Pakistan had reached a Staff-Level Agreement with the IMF, with Executive Board approval expected shortly.

He highlighted Pakistan’s response to global supply shocks and emerging opportunities, including increased transit volumes at Karachi Port and Gwadar’s potential as a strategic trade corridor.

He also stressed the importance of strategic reserves and accelerating the renewable energy transition.