BANGKOK, October 15, 2026: Pakistan’s efforts to diversify borrowing, improve its sovereign credit standing, attract investment and expand exports featured in Finance Minister Muhammad Aurangzeb’s meetings with international investors, financial institutions and technology companies during the World Bank Group–IMF Annual Meetings in Bangkok.
The engagements covered debt maturities and financing costs, infrastructure projects, trade with the United States and China, e-commerce, climate finance and the government’s reform programme. Several discussions concerned possible financing structures or further technical work; the announcements did not establish that every proposal had reached a final agreement.
Moody’s Discusses Sovereign Credit and Rating Prospects
Aurangzeb met representatives of Moody’s today to discuss Pakistan’s economic outlook, sovereign credit profile and rating prospects. The Finance Ministry said the discussion covered the recent rating upgrade, improved fiscal and external indicators, and renewed access to international capital markets.
Finance Minister Discusses Pakistan’s Economic Outlook, Sovereign Credit Profile and Rating Prospects with Moody’s Federal Minister for Finance and Revenue, Senator Muhammad Aurangzeb, met with representatives of Moody’s on the sidelines of the World Bank Group–IMF Annual Meetings 2026 in Bangkok, Thailand, to discuss Pakistan’s economic outlook and sovereign credit profile. Discussions covered the recent rating upgrade, improved fiscal and external indicators, and renewed access to international capital markets. The Finance Minister outlined efforts to replace costly, short-term debt with longer-maturity financing without increasing the external debt stock. The delegation highlighted rising foreign exchange reserves, a contained current account deficit and reduced State Bank forward liabilities. The Finance Minister reaffirmed commitment to structural reforms and sustainable, export-led growth beyond the IMF programme. He also sought Moody’s views on achieving a stronger rating and striking the right balance between political risk and economic performance in its assessments.
— Ministry of Finance, Government of Pakistan (@Financegovpk) October 15, 2026
Aurangzeb outlined efforts to replace costly short-term borrowing with longer-maturity financing without increasing the external debt stock. The delegation highlighted rising foreign exchange reserves, a contained current account deficit and reduced State Bank forward liabilities. Aurangzeb also sought Moody’s views on the factors that could support a stronger rating, including how political risk and economic performance are assessed.
In July, S&P Global Ratings raised Pakistan’s long-term sovereign credit rating from B− to B, with a stable outlook. Its assessment also identified continuing fiscal and debt-related constraints. Aurangzeb met S&P representatives in Bangkok, discussing Pakistan’s economic outlook and its return to international capital markets.
Investor Engagements Focus on Financing and Market Access
At the Citi Macro Forum and investor engagements, Aurangzeb discussed Pakistan’s economic outlook, fiscal position and reform programme with investors. The Finance Ministry highlighted three consecutive years of primary surpluses, a fiscal deficit at a 22-year low and stronger foreign exchange buffers. Aurangzeb said growth could reach or exceed 4% in the current fiscal year.
He also engaged with investors at a Standard Chartered roundtable. The discussions included financing diversification and Pakistan’s return to international capital markets. The government has been pursuing instruments with longer maturities as it seeks to manage refinancing pressures and borrowing costs.
Aurangzeb addressed the JPMorgan Investment Seminar and the Bank of America Small Talks Symposium. The topics included fiscal consolidation, revenue mobilisation, tax administration, privatisation, monetary policy and export-led growth. He also discussed the effects of regional conflict, energy prices and climate shocks on Pakistan’s economic outlook.
Pakistan returned to international bond markets in September with a reported US$3 billion Eurobond issuance, following its earlier Panda bond and other financing activity. The government’s stated approach is to diversify funding sources and extend maturities without increasing the overall external debt stock. The cost and terms of future borrowing will depend on the financing structures and market conditions available when transactions proceed.
Alibaba Talks Cover e-Commerce, AI and Exports
Aurangzeb met the leadership of Alibaba International Digital Commerce to discuss cooperation on Pakistan’s digital economy. The agenda included digital payments, a cashless economy and the transparent delivery of social protection payments and targeted subsidies.
Finance Minister Discusses Digital Economy, E-Commerce, and Technology Cooperation with Alibaba International Digital Commerce Federal Minister for Finance and Revenue, Senator Muhammad Aurangzeb, met with the leadership of Alibaba International Digital Commerce (AIDC) on the sidelines of the World Bank Group–IMF Annual Meetings 2026 in Bangkok, Thailand, to review cooperation on Pakistan’s digital economy. Discussions covered digital payments, a cashless economy and transparent delivery of social protection payments and targeted subsidies. The Finance Minister appreciated Alibaba’s support for SMEs, local brands and exports through Daraz and https://t.co/l6CnjOzQhT. He also invited proposals to rationalize e-commerce taxation, balancing fairness with broader tax participation. Both sides discussed accelerating the Pakistan Single Window e-commerce platform and improving the tracking of cross-border payments and export proceeds. Cooperation on cloud infrastructure, artificial intelligence (AI) and tax administration was also reviewed, with emphasis on integrated data systems, cybersecurity and institutional capacity. The two sides also explored modernizing Pakistan Post’s sorting systems and expanding agricultural exports to China through Alibaba’s retail network.
— Ministry of Finance, Government of Pakistan (@Financegovpk) October 15, 2026
The Finance Ministry said Aurangzeb invited proposals to rationalise e-commerce taxation while broadening tax participation. The two sides also discussed accelerating the Pakistan Single Window e-commerce platform and improving the tracking of cross-border payments and export proceeds.
The two sides also discussed cloud computing, AI, cybersecurity and tax administration. Aurangzeb raised the modernisation of Pakistan Post’s sorting facilities and the possibility of using Alibaba’s retail network to sell more Pakistani agricultural products in China.
US–Pakistan Talks Focus on Trade, Energy and Investment
Aurangzeb met US State Department Ambassador Yon to discuss the proposed trade framework, US energy supplies and ways to maintain fuel availability while protecting vulnerable consumers, the Finance Ministry said.
The discussion also included investment financing through the US Development Finance Corporation and EXIM Bank, the Reko Diq project, critical minerals, project security and opportunities to mobilise private investment. Aviation issues involving Boeing aircraft acquisition and financing, digital-asset regulation, remittances and possible Eurobond tokenisation applications were also raised.
Development Lenders Discuss Roads, Railways and Power Transmission
Aurangzeb met OPEC Fund for International Development President Abdulhamid Alkhalifa to review financing for the M6 motorway. The Fund had approved the first tranche, while the loan agreement and subsequent tranches remained pending. They also discussed modernising the ML-1 railway and upgrading power transmission infrastructure. The Finance Ministry said both sides sought faster approvals and closer coordination, and that the M6 project agreement could be signed during a future visit.
Finance Minister Muhammad Aurangzeb and Asian Infrastructure Investment Bank President Zou Jiayi reviewed plans for power transmission, railway modernisation and capital-market support. The government said the bank was aiming to secure approval for a transmission project before the end of the year. Discussions also covered the Karachi–Rohri section of ML-1, possible co-financing with the Asian Development Bank, and potential emergency budget support related to energy and food security.
MIGA Talks Focus on Guarantees and Hydropower Dispute
Finance Minister Muhammad Aurangzeb pressed for financing terms aligned with Pakistan’s upgraded sovereign ratings during talks in Bangkok with Multilateral Investment Guarantee Agency (MIGA) Managing Director Tsutomu Yamamoto. Welcoming revised pricing on proposed guarantee instruments, Aurangzeb called for the discussions to advance rapidly toward formal Board consideration and documentation.
The MIGA meeting addressed a hydropower dispute pending before the UK Supreme Court. The Finance Ministry said further steps would depend on the Court’s judgment. The case, Star Hydro Power Limited v National Transmission and Despatch Company Limited, remained pending in the court.
UN Discussions Focus on Debt Relief and Climate Finance
Their agenda extended to financing the Sustainable Development Goals, reducing poverty, strengthening social protection, creating decent jobs and preparing projects capable of attracting investment. Aurangzeb raised local-currency financing as a way to reduce exchange-rate risks.
IMF Programme and Targeted Relief
Aurangzeb met IMF Deputy Managing Director Nigel Clarke and took part in the IMF’s MENAP regional meeting with Managing Director Kristalina Georgieva. Nigel Clarke and Aurangzeb reviewed Pakistan’s progress on reforms, reserve levels and fiscal performance, along with plans for targeted fuel subsidies. The MENAP discussion included regional economic challenges, energy-price pressures, trade routes and food security.
The Finance Ministry cited the October 7 staff-level agreement on the next reviews of Pakistan’s IMF-supported programmes. A staff-level agreement is distinct from final approval by the IMF Executive Board. The government also said it intended to use targeted, budget-neutral and time-limited support to protect lower-income households while maintaining fiscal discipline.
World Bank Talks Focus on Pakistan’s 2026–2035 Partnership Framework
Separately, Economic Affairs Minister Ahad Khan Cheema, who is also Pakistan’s Governor to the World Bank Group, met World Bank Managing Director of Operations Anna Bjerde. The discussion focused on implementing the Country Partnership Framework for 2026–2035, project preparation, predictable financing and faster execution.
The two sides also discussed human development, climate resilience, water and sanitation, the ML-1 railway project and a proposed minerals compact.
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