WASHINGTON: Pakistan and the Asian Development Bank (ADB) have agreed to further strengthen cooperation between the two sides, it was decided during a meeting between Federal Minister for Finance and Revenue Senator Muhammad Aurangzeb and ADB President Masato Kanda on the sidelines of the World Bank and IMF Spring Meetings in Washington DC.
The two sides held detailed discussions on volatility in financial markets.
The Finance Minister described the Country Partnership Strategy as an important milestone and welcomed ADB’s support for Pakistan’s first Panda Bond initiative.
He expressed hope for positive progress in IMF programme reviews, saying government efforts are continuing to address supply-side shocks, while the State Bank of Pakistan is closely monitoring economic impacts.
The Finance Minister also extended an invitation from the Prime Minister to the ADB President to visit Pakistan.
In a separate meeting, Finance Minister Muhammad Aurangzeb met UN Secretary-General António Guterres in Washington, where global economic challenges and the situation in the Middle East were discussed.
The meeting focused on food and energy security in developing countries and the broader impact of global conditions on economies.
The Minister appreciated cooperation on the Borrowers Platform initiative, while the UN Chief praised Pakistan’s role and expressed confidence in its efforts for regional peace and stability.
During talks with Fitch Ratings, Pakistan’s credit profile was reviewed in detail. Fitch’s decision to maintain Pakistan’s B- rating was welcomed by the Finance Minister.
He noted that a staff-level agreement with the IMF has been reached, international confidence in Pakistan’s economic reforms remains strong, and external financing arrangements for fiscal year 2026 have been completed.
He reiterated Pakistan’s commitment to active participation in global financial markets and said funding strategies through Panda Bonds,
Eurobonds and Sukuk are ongoing, along with a focus on ESG-linked instruments.
In another engagement with Franklin Templeton senior leadership, discussions centered on privatisation and capital markets.
The Finance Minister briefed the delegation that 29 state-owned enterprises have been transferred to the Privatisation Commission, while outsourcing of Islamabad, Karachi and Sialkot airports is underway.
He also highlighted ongoing privatisation of power distribution companies and discussed the Global Medium-Term Note (GMTN) programme, including upcoming requests for proposals for lead managers as Pakistan prepares to return to global capital markets.
He further informed that the Pakistan Virtual Assets Regulatory Authority has been formally established, NOCs have been issued to Binance and other virtual asset service providers, and the State Bank has lifted its 2018 restriction on banking channels for crypto-related transactions.
He also expressed interest in structured training programmes for State Bank and Finance Ministry officials.
Separately, in a meeting with JPMorgan Chase senior representatives, the Finance Minister said Pakistan is preparing to re-enter international capital markets after nearly four years.
He briefed them on the GMTN programme and expected issuance of rupee-linked, dollar-denominated instruments in the near term. He also outlined counter-indemnity arrangements with ADB and AIIB supporting Pakistan’s first Panda Bond, and appreciated financial support from Saudi Arabia. He assured that all financial proposals and market options discussed will be carefully evaluated.
