Federal Minister for Finance and Revenue Senator Muhammad Aurangzeb met with representatives of Alvarez & Marsal (A&M), a global professional services firm, on the sidelines of the World Bank Group–IMF Annual Meetings 2026 in Bangkok, Thailand, and discussed long-term financing options through World Bank Group guarantees, including a potential financing target of approximately $1.5 billion.
During the meeting, the finance minister welcomed a proposal to combine a World Bank policy-based guarantee with coverage from the Multilateral Investment Guarantee Agency (MIGA) to attract financing at competitive rates, subject to the available guarantee envelope and transaction structure, a news release said here on Friday.
The discussions focused on leveraging World Bank resources, combining budget support with guarantees and broadening investor participation.
The minister stressed the need for using an existing Development Policy Operation (DPO) to avoid delays associated with negotiating a new framework.
He supported further exploration of the proposal through the Finance Division, Economic Affairs Division and the World Bank Group.
The meeting also covered ongoing advisory work related to the privatization of power distribution companies (DISCOs).
Moreover, Aurangzeb and the Governor of the State Bank of Pakistan (SBP) met with representatives of Fitch Ratings and discussed Pakistan’s economic performance and sovereign credit outlook.
The finance minister highlighted restored access to international capital markets, fiscal consolidation and sustained primary surpluses, a news release said here on Friday.
He outlined inflation trends, monetary policy, exchange rate stability and the contained current account deficit.
The discussions also covered reserve accumulation, reduced forward liabilities and stronger external buffers to withstand economic shocks.
The delegation highlighted improvements in debt sustainability, declining debt-servicing costs, longer borrowing maturities and bilateral rollover assurances.
It also reaffirmed its commitment to completing the IMF programme, implementing structural reforms and promoting export-led growth.
The finance minister also discussed trade and investment engagement with the United States and sought Fitch’s assessment of the requirements for advancing Pakistan towards the BB rating category.
Separately, the finance minister Friday met with a Lazard delegation and discussed mining investment, financing diversification and Pakistan’s sovereign credit outlook.
The minister welcomed proposals for blended finance, sustainability-linked loans, guaranteed Sukuk and debt swaps to broaden funding sources and improve financing terms, said a news release.
Aurangzeb highlighted Pakistan’s restored access to international capital market and plans for further issuances, including Panda bonds.
He emphasized cost discipline, alignment with the medium-term financing strategy, and advance preparation to benefit from favourable market conditions.
Both sides discussed sovereign rating advisory support, policy predictability and stronger economic resilience to support progress towards the BB rating category. Moreover, Aurangzeb met with the Deutsche Bank delegation and discussed Pakistan’s economic progress and financing strategy.
The minister highlighted improvements in macroeconomic stability, foreign exchange reserves, sovereign ratings and investor confidence, said a news release. He reviewed Pakistan’s return to international capital markets through private placement, Panda bonds and Eurobonds.
The minister outlined plans to diversify financing through Sukuk, rupee-denominated dollar-settled bonds and possible Eurobond tokenization.
Aurangzeb appreciated Deutsche Bank’s longstanding presence in Pakistan and encouraged broader corporate engagement and support for foreign portfolio inflows.
Discussions also covered debt management, currency diversification and investor outreach in Europe and other international markets.
The minister welcomed Deutsche Bank’s interest in strategic advisory support for privatization, including power distribution companies and major airports.