• Aurangzeb expects $1.2bn tranche by Dec 31, trade deal with US ‘within weeks’
• Says govt ‘close to deciding’ fate of Roosevelt Hotel
• Backs global financial reforms to ease climate burden
• Briefs World Bank president on govt’s flood response

WASHINGTON: Finance Minister Muhammad Aurangzeb said on Saturday that the International Monetary Fund (IMF) cannot impose any conditions on Pakistan that go against the country’s national interests.

Speaking at the Pakistan Embassy in Washington, the minister said that all the reforms undertaken so far under IMF programmes were consistent with Pakistan’s own economic priorities and had contributed to improving the national economy.

“Please name any IMF-suggested reform that is not aligned with our national interest,” he asked in response to a question.

Mr Aurangzeb announced that the IMF is expected to release the $1.2 billion tranche pledged under last week’s staff-level agreement by Dec 31.

“The Fund’s executive board will soon meet to review the agreement, and the amount will be released shortly thereafter,” he added.

At the conclusion of his six-day visit to Washington, the minister also expressed optimism about finalising a trade and tariff agreement with the United States “within a week or two”.

Mr Aurangzeb, who attended 65 meetings during the World Bank Group’s annual autumn session, said the government was also “close to deciding” the fate of the Roosevelt Hotel in New York, a property owned by Pakistan International Airlines (PIA).

Seven international consortia, including Citigroup, have submitted bids to advise Pakistan on the privatisation of the Roosevelt Hotel in New York — a century-old Manhattan landmark considered one of the country’s most valuable foreign assets.

According to media reports, Islamabad is pursuing a joint venture model rather than an outright sale, seeking a redevelopment partner to maximise the property’s long-term value as part of a privatisation effort agreed under its $7bn IMF programme.

Pakistan backs V20 agenda

Separately, Pakistan joined 68 other nations on Saturday in calling for reforms to the global financial system to help vulnerable economies cope with the mounting impacts of climate change.

The appeal was made at a meeting of the Vulnerable 20 (V20) — a coalition of finance ministers from 68 countries most exposed to climate risks — held on the sidelines of the World Bank and International Monetary Fund (IMF) annual meetings in Washington.

The group seeks fairer access to climate finance and changes in global lending rules to support adaptation and recovery efforts.

“Pakistan strongly supports the V20 agenda to reform the global financial architecture, ensuring that climate finance is more accessible and affordable,” Mr Aurangzeb said while addressing the meeting.

He emphasised the need to align climate financing with the requirements of vulnerable economies to “ensure resilient growth”.

Ranked first on the Climate Risk Index 2025 despite contributing less than 0.9 per cent to global greenhouse gas emissions, Pakistan continues to bear disproportionate losses.

Experts warn that the country now requires $40-50bn annually to effectively mitigate and adapt to climate risks.

Mr Aurangzeb informed the V20 gathering that the government was pursuing its own reforms to align national policies with the group’s call for equitable climate finance. These efforts include developing creditworthy project pipelines, issuing green bonds and creating carbon market mechanisms to attract investment, he added.

Flood response

In a related development, the finance minister met World Bank President Ajay Banga in Washington on Friday and briefed him on the government’s flood response efforts. This meeting also took place on the sidelines of the plenary sessions of the IMF and World Bank, which Mr Aurangzeb attended during his six-day visit to Washington from Oct 13 to 18.

An official statement said Mr Aurangzeb briefed Mr Banga on the government’s comprehensive flood response efforts and appreciated the bank’s timely support following the post-flood damage assessment.

The minister also endorsed the proposal to leverage technology platforms and cooperatives to “effectively reach small farmers and enhance agricultural resilience,” the statement read.

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

The minister highlighted Pakistan’s Climate Prosperity Plan, which aims to shift the country from vulnerability to resilience and from risk to investment.

Separately, in a meeting with Turkiye’s Minister of Treasury and Finance Mehmet Simsek, Mr Aurangzeb highlighted Islamabad’s ongoing reform efforts in key sectors, including taxation, energy, state-owned enterprises (SOEs), privatisation, and public finance.

Published in Dawn, October 19th, 2025