Finance Minister Muhammad Aurangzeb met his Saudi counterpart on the third day of his ongoing visit to the United States, the Finance Ministry said on Thursday, adding that the former briefed the latter about the privatization process of 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 the World Bank (WB) in Washington, DC, where Aurangzeb arrived 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 briefed his Saudi counterpart on the ongoing privatization process of Pakistan International Airlines (PIA) and key airports, underlining the government’s determination to attract strategic investments through transparency and efficiency,” he added.
The news comes after a parliamentary committee was told last month that PIA Corporation Limited was expected to be privatized in November this year. Privatization of the national flag carrier is a key condition under the $7 billion IMF bailout package approved for Pakistan.
The planned sale of PIA would mark the country’s first major privatization in about two decades, with the divestment of loss-making state companies a central pillar of last year’s bailout.
Regarding the said rescue package, Aurangzeb reaffirmed during his meeting with Al-Jadaan that Pakistan remained steadfast in pursuing economic reforms under the IMF program to ensure long-term macroeconomic stability, according to the Finance Ministry statement.
He added that the two finance ministers also reviewed the growing trade and investment relations between the two countries.
Furthermore, according to the statement, 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 mobilizing private sector investments in Pakistan.
“Aurangzeb also sought Saudi support for infrastructure development projects, emphasizing Pakistan’s commitment to fostering a deeper economic partnership with the kingdom,” he said.
Other commitments
Apart from meeting his Saudi counterpart, Aurangzeb also held other meetings that day, according to the Finance Ministry statement, adding that “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) CEO Benjamin Black, he “highlighted significant investment opportunities in Pakistan’s oil and gas, mines and minerals, agriculture, IT and pharmaceutical sectors.”
The Finance Minister also underlined consensus at the leadership level to enhance trade and investment ties, and welcomed the DFC’s interest in facilitating private sector-led financing for projects in Pakistan, the Finance Ministry statement said.
On the other hand, he also met with the First Deputy Minister of Finance of Azerbaijan, Anar Karimov, reaffirming strong economic and strategic ties between the two countries, the statement added.
At the meeting, he “congratulated Azerbaijan for 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 to 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 reaffirmed 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 mechanism to ensure access to “critical imports” such as food, fertilizers, energy and essential machinery, and stressed the importance of its timely implementation.
He also acknowledged MIGA’s continued support to Pakistan’s power transmission and distribution sectors, the statement added.
More to follow
