Finance Minister Muhammad Aurangzeb met with US Treasury Under Secretary Ms. Erin Browne in Bangkok, Thailand to discuss Pakistan’s economic outlook, reforms and external financing.

The Finance Minister highlighted Pakistan’s three billion dollar Eurobond issuance in September and plans to diversify financing through Sukuk, Panda bonds and other instruments.

Discussions covered the regional conflict’s implications for energy, inflation and food security, as well as measures to ensure supplies and prepare for winter demand.

The Finance Minister emphasized export-led growth, stronger IT exports, improved goods competitiveness and debt sustainability to support progress towards a BB sovereign rating.

He also discussed privatization, airport outsourcing, engagement with Boeing and potential US EXIM Bank financing, expressing deep appreciation for continued US support.                                     

Finance Minister Muhammad Aurangzeb also met with a Lazard delegation in Bangkok, Thailand, to discuss mining investment, financing diversification and Pakistan’s sovereign credit outlook.

The Finance Minister welcomed proposals for blended finance, sustainability-linked loans, guaranteed Sukuk and debt swaps to broaden funding sources and improve financing terms.

Finance Minister met with Alvarez & Marsal and held discussions on long-term financing through World Bank Group guarantees.

The Finance Minister welcomed the proposal of combining a World Bank policy-based guarantee with Multilateral Investment Guarantee Agency coverage to attract financing at competitive rates, with a potential financing target of approximately 1.5 billion dollars, subject to the guarantee envelope and transaction structure.

Discussions covered leveraging World Bank resources, combining budget support with guarantees and broadening investor participation.

The Finance Minister emphasized using an existing Development Policy Operation to avoid delays associated with negotiating a new framework.

He supported further exploration of the proposal through the Finance Division, Economic Affairs Division and World Bank Group.

The meeting also touched on ongoing advisory work on the privatization of DISCOs.

Besides, Muhammad Aurangzeb met with Deutsche Bank delegation to discuss Pakistan’s economic progress and financing strategy.

The Finance Minister outlined plans to diversify financing through Sukuk, rupee-denominated dollar-settled bonds and possible Eurobond tokenization.

He appreciated Deutsche Bank’s longstanding presence in Pakistan and encouraged broader corporate engagement and support for foreign portfolio inflows.

Finance Minister also met with Morgan Stanley Capital International.

The Finance Minister highlighted Pakistan's improving economic indicators and stock market participation.

Discussions also covered MSCI's classification criteria and investor queries regarding foreign exchange, prefunding, hedging and pooled investments.

The discussions clarified repatriation arrangements under Special Convertible Rupee Account and expanded Roshan Digital Account access.

Participants supported technical follow-up to address operational concerns and improve market accessibility. 

Finance Minister met with Managing Director CVF-V20 Secretariat Ms. Sara Jane Ahmed to discuss climate finance and Pakistan's Climate Prosperity Plan.

He appreciated the proposed Lifeline Fund, targeting readiness by April next year, with initial mobilization of 500 million dollars and eventual expansion beyond two billion dollars.

The Minister sought clarification on the Fund's contributions, governance, access, returns and withdrawal arrangements, which remained under development.

Discussions also covered the proposed country platform, investor book, BRIDGE initiative and cooperation with Chinese institutions and development partners.

Muhammad Aurangzeb also met with senior management of Mitsubishi UFJ Financial Group (MUFG).

Discussions covered blended finance and credit enhancement to attract long-term infrastructure investment, including opportunities linked to WAPDA and Dasu hydropower.

The Finance Minister welcomed MUFG offered support on credit positioning, investor outreach, and identifying suitable issuance windows and financing structures.

Both sides welcomed further engagement to develop proposals aligned with Pakistan's financing needs and investor demand.

The Minister also met with investors at a Mitsubishi UFJ Financial Group-organized session and highlighted fiscal consolidation, primary surpluses, progress under the IMF programme, easing inflation and projected growth of 3.5 to 4.5 percent.

Discussions covered stronger reserves, remittances and IT exports, alongside debt repayments, bilateral rollovers and reduced reliance on expensive short-term borrowing.

The Finance Minister addressed investors' queries regarding foreign exchange liberalization, agricultural income tax, fiscal devolution and the timing of rupee-denominated, dollar-settled bonds. He emphasized that future issuance would follow market conditions and the debt strategy.

Muhammad Aurangzeb underscored export-led growth, tax and tariff reforms, and stronger buffers to sustain stability beyond the IMF programme and improve sovereign ratings.

Discussions also addressed climate shocks, regional conflict and energy prices, with additional defence needs expected to remain within the budgeted allocation.