ISLAMABAD: Pakistan’s Finance Minister Muhammad Aurangzeb participated in a group discussion with his counterparts from the United Arab Emirates, Egypt, Jordan, Morocco and other Gulf Cooperation Council (GCC) countries to discuss regional economic cooperation and development strategies, the Finance Division said on Monday, as the Pakistani finmin attends day two of the Emerging Markets Conference 2025 in AlUla city. 

Aurangzeb is in Saudi Arabia to attend the two-day conference, which has been organized by the Saudi finance ministry in collaboration with the International Monetary Fund (IMF). The event brings together emerging market finance ministers, central bank governors, policymakers, public and private sector leaders, international institutions and academics.

The Pakistani finance minister participated in a group discussion with his counterparts from the Middle Eastern countries at the sidelines of the conference, the Finance Division said. 

“The discussion focused on regional economic cooperation, financial policies, and development strategies, with participating countries exchanging views on shared economic goals and sustainable growth opportunities,” it said.

The global conference takes place at a time when the world economy is facing persistent shocks, trade tensions between major world powers, geopolitical instability and tight financial conditions. 

Pakistan is navigating a fragile economic recovery under a $7 billion IMF loan program secured in September 2024, after implementing austerity measures and policy reforms to avert a sovereign default in 2023.

To facilitate Pakistan’s economic recovery, Saudi Arabia signed 34 memorandums of understanding (MoUs) worth $2.8 billion last October to boost private sector investment in key areas, including energy, infrastructure and technology.

Speaking to Arab News on Sunday, Aurangzeb emphasized that Saudi Arabia’s leadership in economic reforms offers important lessons for Pakistan as it embarks on its own structural changes.

“As we go through our own structural reforms at this point in time, on the back of the macroeconomic stability that we have achieved, there’s a lot to learn from Vision 2030,” the minister said. He added that the Kingdom is well ahead of its targets of Vision 2030, “so there’s so much to learn in Pakistan from our partners in Saudi Arabia.”