Finance Minister Muhammad Aurangzeb met his Saudi counterpart on the third day of his ongoing US visit, the finance ministry said on Thursday, adding that the former briefed the latter about the privatisation process of the Pakistan International Airlines (PIA) and key airports.

The meeting was held on the sidelines of the plenary meetings of the International Monetary Fund (IMF) and World Bank (WB) in Washington, D.C., where Aurangzeb arrived on Sunday on a six-day trip.

A foreign ministry statement issued today said Aurangzeb continued a series of high-level meetings in the US capital, including his engagement with Saudi Finance Minister Mohammed bin Abdullah Al-Jadaan.

“He apprised his Saudi counterpart of the ongoing privatisation process of Pakistan International Airlines (PIA) and key airports, underscoring the government’s resolve to attract strategic investments through transparency and efficiency,” it added.

The development comes after a parliamentary committee was informed last month that the PIA Corporation Limited was expected to be privatised by November this year. The national flag carrier’s privatisation is a key condition under the $7bn IMF bailout package approved for Pakistan.

The planned sale of the PIA would mark the country’s first major privatisation in about two decades, with divestment of loss-making state firms a central plank of last year’s bailout.

Regarding the said bailout package, Aurangzeb reaffirmed during his meeting with Al-Jadaan that Pakistan remained steadfast in pursuing economic reforms under the IMF programme to ensure long-term macroeconomic stability, the finance ministry statement said.

It added that the two finance ministers also reviewed the growing trade and investment relations between the two countries.

Moreover, the statement said, the two ministers agreed that institutions such as the International Finance Corporation (IFC) and the Multilateral Investment Guarantee Agency (MIGA) could play a vital role in mobilising private sector investments in Pakistan.

“Aurangzeb also sought Saudi support for infrastructure development projects, emphasising Pakistan’s commitment to fostering a deeper economic partnership with the kingdom,” it said.

In a post on X, Al-Jadaan said, “We further explored opportunities to deepen cooperation and discussed topics of mutual interest.”

Finance Minister Muhammad Aurangzeb on Thursday said that Pakistan is working in a “number of areas” to foster export-led growth and not rely on imports.

According to the Pakistan Bureau of Statistics, Pakistan exported $2.5 billion worth of goods and $671 million in services in September. Imports were worth $5.9bn, however.

Speaking at an event hosted by the........

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