Aurangzeb calls for IMF surcharge review

Federal Minister for Finance and Revenue Senator Muhammad Aurangzeb has called for an early and substantive review of International Monetary Fund (IMF) surcharges, highlighting its significance for developing economies, during his intervention at the G-24 Finance Ministers and Central Bank Governors' Meeting on the sidelines of the World Bank-IMF Spring Meetings 2026, according to an official statement issued on Tuesday. As First Vice Chair of the G-24, the finance minister highlighted that the global economy continues to face significant strain from successive shocks, most recently the geopolitical tensions in the Middle East. He noted that these tensions have led to a major supply shock affecting energy markets, fertilisers and broader financial conditions. Aurangzeb underscored the importance of de-escalation, safeguarding critical maritime and energy corridors, and the sustained pursuit of peace to ensure global economic stability. He emphasised Pakistan's support for the ongoing review of IMF programme design and conditionality, stressing the need to preserve strong macroeconomic stability anchors while allowing greater flexibility to address macro-critical risks and advance growth and employment objectives. The finance minister further emphasised the need to deepen collaboration with the World Bank in areas such as job-intensive investment, infrastructure development and innovative financing solutions to support sustainable growth. Reaffirming Pakistan's commitment to resilience, inclusion and shared prosperity, Aurangzeb called for enhanced global cooperation to effectively address emerging economic challenges. Separately, the finance minister held a productive meeting with Jonathan Greenstein, Deputy Under Secretary for International Affairs at the US Department of the Treasury, on the sidelines of the spring meetings. During this meeting, Aurangzeb highlighted the successful staff-level agreement (SLA) reached with the IMF, reaffirming Pakistan's continued commitment to its reform programme. He noted that Pakistan had successfully met its Eurobond payment obligation of $1.3 billion and reiterated the government's resolve to honour all forthcoming external financial obligations in a timely manner. The two sides also discussed the economic implications of the ongoing conflict in the Middle East, particularly its impact on remittances and Pakistan's external sector. The finance minister apprised the US side of the measures being undertaken to manage both the first and second-order effects of the conflict, as well as ongoing efforts to strengthen foreign exchange reserves. Both sides expressed their intent to further deepen economic engagement and looked forward to building a more resilient and diversified economic partnership, anchored in shared interests of regional stability and sustainable growth.