Federal Finance Minister Senator Muhammad Aurangzeb met with Saudi Finance Minister Mohammed Aljadaan on the sidelines of the IMF–World Bank annual meetings in Washington, where both sides discussed expanding trade and investment cooperation between Pakistan and the Kingdom of Saudi Arabia.

During the meeting, Minister Aurangzeb briefed his Saudi counterpart on Pakistan’s ongoing privatisation drive, including the divestment of Pakistan International Airlines (PIA) and key airports.

He underscored the government’s commitment to attracting strategic investments through transparency and efficiency, adding that the PIA privatisation process is in its final stages, with a sale expected by the end of 2025.

The move, he said, forms part of the broader economic reform agenda under last year’s IMF bailout to restructure loss-making state-owned enterprises.

The finance minister reaffirmed that Pakistan remains steadfast in implementing economic reforms under the IMF programme to ensure long-term macroeconomic stability.

He also apprised Aljadaan of the recent staff-level agreement reached between Pakistan and the IMF, which, upon Executive Board approval, will pave the way for a $1.2 billion disbursement.

Both ministers agreed that global institutions such as the International Finance Corporation (IFC) and the Multilateral Investment Guarantee Agency (MIGA) could play a crucial role in mobilising and de-risking private sector investments in Pakistan.

Aurangzeb also sought Saudi support for Pakistan’s infrastructure development projects, reiterating Islamabad’s commitment to fostering a deeper and more strategic economic partnership with the Kingdom.