KARACHI: Pakistan’s Finance Minister Muhammad Aurangzeb on Wednesday acknowledged Saudi Arabia’s critical role in helping secure the country’s International Monetary Fund (IMF) loan package and invited his counterpart from the Kingdom to visit Pakistan, during a series of high-level bilateral meetings held on the sidelines of the IMF-World Bank Spring Meetings in Washington, DC.
The IMF approved a $7 billion Extended Fund Facility (EFF) for Pakistan in September 2024 after Saudi Arabia, the United Arab Emirates and China provided essential financing assurances to unlock the package.
The deal was widely seen as vital to stabilizing Pakistan’s economy amid declining foreign reserves and mounting fiscal stress.
The Pakistani finance chief acknowledged the Kingdom’s role in a meeting with his Saudi counterpart, Mohammed Aljadaan, during his trip to the United States.
“Senator Aurangzeb thanked H.E. Aljadaan for Saudi Arabia’s longstanding and strong support to Pakistan in its pursuit of economic development, including through support for the IMF program, and invited him to visit Pakistan,” the finance ministry said in a statement circulated after the meeting.
Aurangzeb reaffirmed Pakistan’s commitment to economic reforms and welcomed Saudi investments. The meeting followed Aurangzeb’s engagement a day earlier with Sultan bin Abdulrahman Al-Murshid, the top Saudi Fund for Development (SFD) official, where he sought faster disbursements under the $1.2 billion Saudi Oil Facility, an arrangement that allows Pakistan to defer payments on oil imports.
He also requested SFD’s support for the National Highway N-25 and reviewed the pace of implementation of ongoing projects.
In addition to his meeting with the Saudi counterpart, the Pakistani finance chief held separate sessions with senior UAE and Chinese officials.
During a meeting with UAE Minister of State for Financial Affairs Mohamed Bin Hadi Al Hussaini, Aurangzeb discussed his country’s improving economic indicators, including a recent credit rating upgrade by Fitch, and briefed him on the government’s privatization program.
He informed the UAE side that a Staff-Level Agreement (SLA) had been reached with the IMF under the EFF and a new arrangement under the Resilience and Sustainability Facility.
The finance minister also expressed interest in the UAE’s regulatory experience in cryptocurrency and invited his counterpart to visit Pakistan.
In another bilateral engagement, Aurangzeb met with Chinese Finance Minister Lan Fo’an to discuss Beijing’s continued economic support.
He sought support from the People’s Bank of China to fast-track the issuance of Pakistan’s Panda Bond, a renminbi-denominated bond issued in China’s capital markets.
Pakistan’s finance chief acknowledges Saudi role in IMF deal, invites counterpart to visit
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Pakistan’s finance chief acknowledges Saudi role in IMF deal, invites counterpart to visit

- Saudi Arabia, UAE and China provided financing assurances needed to unlock the $7 billion IMF loan
- Aurangzeb also discusses Panda bonds, cryptocurrency regulation with Chinese and UAE ministers