KEY POINTS
- Finance Minister outlines structural reforms and export-led growth in CNBC interview
- Pakistan reaches Staff Level Agreement with IMF, signals macroeconomic stabilisation
- Aurangzeb addresses Citi Macro Forum, MENAP-IMF meeting alongside global investors
- Reforms in tax, energy, SOEs, and tariff policy aimed at boosting competitiveness
ISLAMABAD: Pakistan’s Finance Minister Muhammad Aurangzeb on Tuesday outlined the government’s roadmap for long-term, export-driven growth during a series of high-level engagements in Washington, D.C.
The Minister had a busy, as well as elated, day in the US capital following the much-anticipated staff-level agreement with the International Monetary Fund.
In addition to an exclusive interview with CNBC, the Minister addressed the Citi Macro Forum and participated in the ‘MENAP Ministers and Governors’ meeting with IMF Managing Director Kristalina Georgieva.
Speaking to CNBC on the sidelines of the World Bank and IMF Annual Meetings 2025, Aurangzeb described the government’s reform agenda as the possible foundation for an “East Asia moment” for Pakistan, referring to the transformative, export-oriented growth witnessed in East Asia.
He said Pakistan had made “significant progress toward macroeconomic stability over the past year,” citing improvements in foreign exchange reserves, inflation moderation, exchange rate stability, and monetary policy alignment.
Aurangzeb stressed that the government’s focus extended beyond short-term stabilisation, saying the aim was to ensure “sustainable, inclusive growth through deep structural reforms.”
He identified tax restructuring, energy sector reforms, reorganisation of state-owned enterprises, and enhanced fiscal transparency as the four core pillars of Pakistan’s new economic direction.
“Pakistan can no longer rely on protectionist cycles of fast growth followed by crisis,” the minister told CNBC, adding that the government had begun reorienting the economy from import dependency toward export-led growth through tariff rationalisation.
He said lowering input costs on raw materials and intermediate goods would enhance industrial competitiveness and promote export diversification.
Aurangzeb added that “each country develops policies suited to its own context, but for Pakistan the real target is competitiveness, not protectionism.”
Federal Minister for Finance and Revenue, Senator Muhammad Aurangzeb, participated in the Citi Macro Forum organized by Citibank, on the sidelines of the ongoing World Bank-IMF Annual Meetings.
The forum was also attended by Secretary Finance and Governor, SBP as well.… pic.twitter.com/RGBuvOUMjz
— Ministry of Finance, Government of Pakistan (@Financegovpk) October 15, 2025
He emphasised that local industries must “reach global standards to sustain growth,” rather than depend indefinitely on state protection.
The finance minister expressed gratitude to the World Bank Group and the United States for continued partnership, noting that international cooperation was “vital to sustaining reform momentum and investor confidence.”
Investor outreach and IMF engagement
Addressing the Citi Macro Forum organised by Citibank, Aurangzeb briefed a large audience of international investors on Pakistan’s fiscal, monetary, and external developments.
Accompanied by the Finance Secretary and the Governor of the State Bank of Pakistan, he emphasised that the “effective stabilisation measures, tight monetary management, and disciplined fiscal policy have underpinned positive momentum.”
According to an official statement released by the Finance Division, the minister informed investors that a Staff Level Agreement (SLA) had been reached with the International Monetary Fund, signalling continuity of reforms and renewed confidence in Pakistan’s economic trajectory.
He also highlighted ongoing trade negotiations with the United States, describing them as an important complement to Pakistan’s export-led growth strategy.
Later, in the MENAP (Middle East, North Africa, Afghanistan, and Pakistan) meeting with IMF Managing Director Kristalina Georgieva, Aurangzeb spoke as a lead speaker, telling regional peers that Pakistan had achieved “macro-economic stabilisation” and remained committed to “staying the course on taxation, energy, SOE, and privatisation reforms.”
Federal Minister for Finance and Revenue Senator Muhammad Aurangzeb today joined Ministers & Governors of MENAP region in a meeting with IMF MD Kristalina Georgieva.
In his address as a lead speaker, Senator Muhammad Aurangzeb underlined that the country had achieved… pic.twitter.com/nu8WjSYBjv
— Ministry of Finance, Government of Pakistan (@Financegovpk) October 15, 2025
Aurangzeb also highlighted Pakistan’s digital transformation drive and tariff policy aimed at increasing competitiveness and boosting exports. In his remarks, he invited investors to explore opportunities in minerals, mining, digital infrastructure, agriculture, oil and gas, and pharmaceuticals.
Global response and future direction
The Finance Minister’s statements followed, Pakistan reaching an IMF staff-level agreement, which would unlock a US$1.2 billion disbursement.
The deal is expected to pave the way for renewed engagement with multilateral lenders and restore access to global capital markets, including potential issuance of green Panda bonds and Eurobonds later this year.
He reaffirmed the government’s determination to press ahead with privatisation and restructuring of state-owned enterprises, including Pakistan International Airlines (PIA) and power distribution companies.
Aurangzeb’s engagements in Washington were widely viewed as a concerted effort to showcase Pakistan’s economic turnaround and reassure investors of policy continuity.
Economic analysts quoted by Business Recorder and Dawn noted that the emphasis on export competitiveness and reform durability was central to rebuilding international credibility after years of cyclical instability.
Cautions Ahead
The minister’s Washington outreach marked a visible shift from short-term stabilisation to a narrative of long-term resilience and structural transformation.
However, analysts caution that challenges remain — particularly political continuity, revenue mobilisation, and implementation discipline — in ensuring that reforms translate into inclusive, job-creating growth.
Still, Aurangzeb’s consistent message in Washington — that Pakistan is determined to achieve an “East Asia moment” through structural reform and global competitiveness — reflects the government’s evolving confidence as it seeks to embed lasting economic stability.
