ISLAMABAD: Federal Minister for Finance and Revenue Senator Muhammad Aurangzeb has stressed the importance of export-led growth, increasing IT exports, improving the competitiveness of Pakistani products in international markets and ensuring debt sustainability to advance towards a double-B sovereign credit rating.
According to the Ministry of Finance, he expressed these views during a meeting with Erin Brown, US Treasury Under Secretary for International Affairs, on the sidelines of the World Bank Group and IMF annual meetings in Bangkok, Thailand. State Bank of Pakistan Governor Jameel Ahmad also accompanied him.
The Ministry of Finance said the meeting discussed Pakistan’s economic outlook, reforms and matters relating to external financial assistance.
The finance minister highlighted Pakistan’s issuance of a $3 billion Eurobond in September and plans to diversify financing sources through Sukuk, Panda bonds and other financial instruments.
He briefed the US official on progress under the IMF programme, tax reforms, the achievement of primary fiscal surpluses for three consecutive years and the country’s foreign exchange reserves, which have reached approximately $21.6 billion. The meeting also discussed the impact of regional conflict on energy, inflation and food security, along with preparations to maintain supplies and meet winter demand.
Aurangzeb stressed the importance of export-led growth, expanding IT exports, enhancing the competitiveness of Pakistani products in global markets and maintaining debt sustainability to help Pakistan progress towards a double-B sovereign credit rating.
The finance minister also discussed privatisation, outsourcing airport management, engagement with Boeing and potential financial assistance from the US Export-Import Bank (US EXIM Bank). He expressed deep appreciation for the continued support extended by the United States.
Separately, the finance minister met a Deutsche Bank delegation to discuss financial strategy, access to international capital markets and privatisation. Aurangzeb highlighted improvements in economic stability, foreign exchange reserves, sovereign credit ratings and investor confidence.
According to an official statement, the meeting reviewed Pakistan’s return to international capital markets through private investment, Panda bonds and Eurobonds. Discussions also covered diversifying financing sources through Sukuk, rupee-denominated bonds, dollar-payable bonds and a potential plan to tokenise Eurobonds.
