Finance Minister Muhammad Aurangzeb met his Saudi counterpart on the third day of his ongoing US visit, the finance ministry said on Thursday, adding that the former briefed the latter about the privatisation process of the Pakistan International Airlines (PIA) and key airports.
The meeting was held on the sidelines of the plenary meetings of the International Monetary Fund (IMF) and World Bank (WB) in Washington, D.C., where Aurangzeb arrived[1] on Sunday on a six-day trip.
A foreign ministry statement issued today said Aurangzeb continued a series of high-level meetings in the US capital, including his engagement with Saudi Finance Minister Mohammed bin Abdullah Al-Jadaan.
“He apprised his Saudi counterpart of the ongoing privatisation process of Pakistan International Airlines (PIA) and key airports, underscoring the government’s resolve to attract strategic investments through transparency and efficiency,” it added.
The development comes after a parliamentary committee was informed[2] last month that the PIA Corporation Limited was expected to be privatised by November this year. The national flag carrier’s privatisation is a key condition under the $7bn IMF bailout[3] package approved for Pakistan.
The planned sale of the PIA would mark the country’s first major privatisation[4] in about two decades, with divestment of loss-making state firms a central plank of last year’s bailout.
Regarding the said bailout package, Aurangzeb reaffirmed during his meeting with Al-Jadaan that Pakistan remained steadfast in pursuing economic reforms under the IMF programme to ensure long-term macroeconomic stability, the finance ministry statement said.
It added that the two finance ministers also reviewed the growing trade and investment relations between the two countries.
Moreover, the statement said, the two ministers agreed that institutions such as the International Finance Corporation (IFC) and the Multilateral Investment Guarantee Agency (MIGA) could play a vital role in mobilising private sector investments in Pakistan.
“Aurangzeb also sought Saudi support for infrastructure development projects, emphasising Pakistan’s commitment to fostering a deeper economic partnership with the kingdom,” it said.
Other engagements
Apart from meeting his Saudi counterpart, Aurangzeb also held other meetings on the day, the finance ministry statement said, adding that the “engagements focused on reinforcing Pakistan’s commitment to economic reforms, exploring new avenues for international investment, and strengthening bilateral financial cooperation”.
In a key meeting with US International Development Finance Corporation (DFC) Chief Executive Officer Benjamin Black, he “highlighted significant investment opportunities within Pakistan’s oil and gas, mines and minerals, agriculture, IT and pharmaceutical sectors”.
The finance minister also underscored the consensus at the leadership level to enhance trade and investment ties, welcoming the DFC’s interest in facilitating private sector-led funding for projects in Pakistan, the finance ministry statement said.
Separately, he also met Azerbaijan’s first deputy finance minister, Anar Karimov, reaffirming strong economic and strategic ties between the two countries, the statement added.
In the meeting, “he congratulated Azerbaijan on successfully hosting COP29 and highlighted the Pakistan-Azerbaijan Preferential Trade Agreement (January 2025) and Transit Trade Agreement (December 2024) as key platforms to diversify bilateral trade beyond oil and rice into textiles, pharmaceuticals, chemicals, machinery, and agricultural products”.
During his meeting with Multilateral Investment Guarantee Agency (MIGA) Executive Vice President Hiroshi Matano, Aurangzeb expressed “appreciation for MIGA’s support in ongoing arbitration matters and reaffirming Pakistan’s commitment to safeguarding both investor confidence and national interests”.
According to the finance ministry, Aurangzeb welcomed MIGA’s proposal for a short-term trade finance facility to ensure access to “critical imports” such as food, fertiliser, energy and essential machinery, and emphasised the importance of its timely implementation.
He also acknowledged MIGA’s continued support for Pakistan’s power transmission and distribution sectors, the statement added.
More to follow