WASHINGTON, Oct 16, 2025 — Finance Minister Muhammad Aurangzeb met his Saudi counterpart, Mohammed bin Abdullah Al-Jadaan, on the sidelines of the IMF–World Bank Annual Meetings in Washington, D.C. The meeting focused on Pakistan’s privatisation agenda, economic reforms, and strengthening trade and investment ties with the Kingdom of Saudi Arabia.
Key Highlights:
- Aurangzeb briefed Al-Jadaan on the ongoing privatisation of Pakistan International Airlines (PIA) and key airports.
- He reaffirmed Pakistan’s commitment to transparency and efficiency to attract strategic investments.
- Both sides discussed expanding economic cooperation and leveraging multilateral institutions for private sector investment.
- The talks took place shortly after Pakistan reached a staff-level agreement with the IMF.
Federal Minister for Finance and Revenue, Senator Muhammad Aurangzeb, met with His Excellency @MAAljadaan, Finance Minister of the Kingdom of Saudi Arabia, on the sidelines of the IMF–World Bank Annual Meetings in Washington D.C.
During the meeting, both sides reviewed the… pic.twitter.com/XPwxKRcs7O
— Ministry of Finance, Government of Pakistan (@Financegovpk) October 16, 2025
Privatisation of PIA Enters Final Phase
Aurangzeb informed his Saudi counterpart that the government’s push to privatise PIA has reached its final stages, with the sale expected by the end of 2025. This would be Pakistan’s first major privatisation in nearly two decades. The divestment of loss-making state-owned enterprises is a central pillar of the $7 billion IMF bailout, aimed at stabilising the economy and improving fiscal discipline.
The minister underlined the government’s focus on transparency in the privatisation process, particularly for PIA and key airports, to draw in credible international investors.
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Deepening Pakistan–Saudi Economic Engagement
During the meeting, both finance ministers reviewed the growing scope of trade and investment relations between Pakistan and Saudi Arabia. Aurangzeb sought Riyadh’s support for upcoming infrastructure development projects, signalling Islamabad’s intent to strengthen economic cooperation with the Kingdom.
Both sides agreed on the importance of institutions such as the International Finance Corporation (IFC) and the Multilateral Investment Guarantee Agency (MIGA) in mobilising and de-risking private sector investments in Pakistan.
Reforms Under the IMF Programme
The meeting came soon after Islamabad reached a staff-level agreement with the IMF. The agreement, once cleared by the Executive Board, will unlock a $1.2 billion disbursement for Pakistan.
Aurangzeb reiterated Pakistan’s resolve to stick to the IMF reform agenda, which focuses on fiscal responsibility, energy sector changes, and privatisation. He said these measures aim to ensure long-term macroeconomic stability and lay the groundwork for sustainable growth.
Series of High-Level Meetings in Washington
Aurangzeb’s interaction with Al-Jadaan was part of a broader set of engagements during his US visit. He met officials from the US International Development Finance Corporation (DFC), MIGA, Standard Chartered Bank, and other institutions to explore new investment opportunities and reinforce economic reforms.
He also attended the Borrowers’ Forum Roundtable, highlighting the need to balance debt servicing with funding for essential social sectors. At the Citi Macro Forum, Aurangzeb presented Pakistan’s recent fiscal and monetary progress, attributing economic momentum to stabilisation policies and structural reforms.
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