Pakistan”s Finance Minister, Muhammad Aurangzeb, has made a direct appeal for Saudi Arabian support in developing the nation”s infrastructure, while presenting the ongoing privatization of Pakistan International Airlines (PIA) and major airports as key investment opportunities.
According to a statement issued on ThursdayThe high-level discussion took place during a meeting with Saudi Finance Minister Mohammed Aljadaan on the sidelines of the IMF-World Bank Annual Meetings. Mr. Aurangzeb reaffirmed Pakistan”s dedication to cultivating a deeper economic partnership with the kingdom.
During the talks, both officials reviewed the expanding trade and investment relations between the two countries. The Pakistani Finance Minister also emphasized that his government remains steadfast in pursuing economic reforms under the IMF programme to secure long-term macroeconomic stability.
Mr. Aurangzeb apprised his Saudi counterpart of the progress in the privatization of state-owned enterprises, underscoring the government”s resolve to attract strategic investments through a process marked by transparency and efficiency.
The two ministers concurred that institutions like the International Finance Corporation (IFC) and the Multilateral Investment Guarantee Agency (MIGA) could be instrumental in mobilizing and de-risking private sector capital flows into Pakistan.
In a separate engagement, Mr. Aurangzeb met with the CEO of the US International Development Finance Corporation (DFC). In this meeting, he highlighted significant investment prospects within Pakistan”s oil and gas, mines and minerals, agriculture, IT, and pharmaceutical sectors.
The Finance Minister stressed that there is a consensus at the leadership level to enhance trade and investment connections. He also welcomed the DFC”s interest in facilitating private sector-led financing for various projects in Pakistan.