IMF chief 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 2026 IMF-World Bank Spring Meetings.

In a statement at X, she said: “Pakistan’s strong implementation of its reform program has helped maintain macroeconomic stability and build investor confidence”. She added, “Sound economic policy, along with deeper structural reforms, will be essential to sustain growth and improve 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 2026 IMF-World Bank Spring Meetings in Washington, DC, highlighting the country’s economic stabilization, reform process and global economic engagement, the Finance Ministry said on X.

On the sidelines of the launch of the borrower platform, the Minister of Finance met UN 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 situation in the Middle East, 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 attended 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 mobilize domestic resources in response to a similar climate shock in 2025.

Outlining reforms in green finance, including the State Bank’s green taxonomy guidelines, the finance minister said Pakistan had 8,000 mw of installed solar power with a target of 90% renewable energy generation within the next decade.

Read: Aurangzeb is hoping for early approval by the IMF board

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 Minister of Finance highlighted the challenges facing 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 sharing experiences and amplifying the collective voice of borrower nations in global financial governance”.

He also recognized leadership from Egypt and advocacy from the UN Secretary General to reform 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 stabilization achieved through fiscal discipline and the IMF-backed reform programme.

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

He also noted reforms including privatization, empowerment 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 that 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 confirming 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 commitments and outlined plans to diversify access to the international capital market through Panda Bonds, Eurobonds, International Sukuk and ESG bonds.

Aurangzeb attended 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 underway with the State Bank of Pakistan (SBP) to assess macroeconomic spillovers.

Meeting with the 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 management of Franklin Templeton on Privatization and Capital Markets and JPMorgan Chase, Capital Markets and Financing Strategy, and updated them on the privatization program, noting that nearly 30 state-owned enterprises had been transferred to the Privatization Commission.

He highlighted opportunities in infrastructure, aviation and energy and outlined plans to 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 and the board’s approval was expected soon.

He highlighted Pakistan’s response to global supply shocks and new 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 transition to renewable energy.