Finance Minister Muhammad Aurangzeb met with World Bank (WB) President Ajay Banga in Washington and briefed him on the government’s flood response efforts, the finance ministry said on Saturday.

The meeting was held on the sidelines of the plenary meetings of the International Monetary Fund (IMF) and World Bank (WB) in Washington, DC, where Aurangzeb had arrived on Sunday on a six-day trip from Oct 13 to 18.

In a statement issued today, the ministry said that Aurangzeb briefed Banga on the government’s comprehensive flood response efforts and appreciated the Bank’s timely support following the completion of the post-flood damage assessment.

The minister also endorsed the proposal of leveraging technology platforms and cooperatives to “effectively reach small farmers and enhance agricultural resilience”, the statement read. Aurangzeb also thanked the WB for “its technical assistance” in developing Pakistan’s tariff policy, it added.

The statement said that Aurangzeb informed Banga about the memorandums of understanding signed with the provinces for the implementation of the Country Partnership Framework (CPF).

He also recalled Prime Minister Shehbaz Sharif’s engagement with Banga during the UN General Assembly (UNGA) session and reaffirmed Pakistan’s commitment to “deepening its partnership” with the WB.

“The minister also requested additional support under the International Development Association (IDA) windows in light of reduced allocations and discussed the importance of adopting a holistic approach towards reforming Pakistan’s gas and power sectors to ensure long-term sustainability and efficiency,” the statement said.

Fitch ratings

In a separate meeting, Aurangzeb sat with officials from Fitch Ratings, thanking the agency for upgrading Pakistan’s credit rating to B- with a stable outlook.

The minister expressed satisfaction that all three major international rating agencies were now aligned in their assessments of Pakistan’s economy, the ministry said.

He also briefed the Fitch team on the recently announced Staff-Level Agreement (SLA) with the Fund.

Aurangzeb outlined “Pakistan’s progress on key structural reforms in taxation, energy, privatisation, and state-owned enterprises”.

The statement added that the minister reiterated the government’s commitment to accelerating the privatisation process to enhance efficiency and ensure fiscal sustainability.

Aurangzeb also apprised the Fitch delegation of the government’s ongoing efforts to issue Panda Bonds in the Chinese market and highlighted successful trade and tariff negotiations with the US administration, which he said had led to more competitive tariff rates for Pakistan.

Aurangzeb meets UK minister

The finance minister also met with United Kingdoms Minister for International Development and Africa Baroness Jenny Chapman in Washington.

“The finance minister appreciated the UK’s longstanding development partnership and support for Pakistan’s reform and growth agenda. He particularly acknowledged the continued collaboration on the development of the Digital Dashboard initiative aimed at improving transparency and efficiency in project monitoring,” the ministry said.

Aurangzeb also underscored the importance of enhanced consultation with relevant stakeholders in the selection and implementation of development projects to “ensure alignment with national priorities”.

“He emphasised the need for greater visibility and coordination on off-budget projects to improve oversight and outcomes,” it said, adding that both sides reaffirmed their commitment to “further strengthening Pakistan–UK development cooperation”.

Roundtable discussion

Meanwhile, Aurangzeb also participated in a roundtable discussion titled ‘Challenges and Opportunities for the Pakistani Economy through 2025 and Beyond’ that was organised by the Peterson Institute for International Economics (PIIE).

He briefed participants on Pakistan’s recent macroeconomic progress, including the staff-level agreement reached with the Fund and subsequent credit rating upgrades by major international rating agencies.

He highlighted the ongoing transformation of the Federal Board of Revenue (FBR).

“The minister also provided an update on the pace of privatisation and reaffirmed the government’s commitment to sustaining reform momentum,” the ministry said.

Aurangzeb also noted that recent geopolitical developments were “favourable for Pakistan” and had opened new avenues for economic cooperation and investment, it added.