Aurangzeb, IFAD President discuss agri transformation, partnership

WASHINGTON: Federal Minister for Finance and Revenue, Senator Muhammad Aurangzeb, held a productive meeting with Mr. Alvaro Lario, President of the International Fund for Agricultural Development (IFAD), on the sidelines of the World Bank-IMF Spring Meetings 2026.

During the meeting, the Finance Minister appreciated that Pakistan is currently IFAD’s largest core borrower, with the most extensive programme of work across any single country in IFAD’s portfolio.

Senator Aurangzeb underscored that agriculture remains a national priority for Pakistan, while candidly noting that the country continues to under perform relative to its potential in terms of yields, productivity, and value chain development.

Highlighting the Prime Minister’s focus on agricultural transformation, the Finance Minister outlined key initiatives, including induction of new leadership, training of young graduates in modern agricultural practices through international exposure, and deregulation of key commodity sectors.

He informed the IFAD President that end-to-end deregulation of the sugar sector has already been approved, while the wheat sector is also being liberalized, with the federal government stepping back from procurement.

The Finance Minister emphasized the importance of improving financial access for smallholder farmers and addressing critical gaps in the agricultural value chain, particularly in relation to post-harvest losses and the need for investment in storage infrastructure.

He also drew attention to the risks posed by the ongoing global crisis to fertilizer supply, highlighting its potential implications for agricultural productivity.

Senator Aurangzeb appreciated IFAD’s evolving business model, particularly its shift from traditional sovereign lending towards greater engagement with the private sector through innovative use of its balance sheet.

Both sides agreed on the need for a more structured and scaled-up partnership, including the possibility of bringing in multilateral partners such as the Asian Development Bank (ADB) and the World Bank as co-financiers to enhance the impact of IFAD’s interventions.

The Finance Minister further proposed a ground-level engagement between IFAD and the Prime Minister’s Agricultural Task Force to better align ongoing programmes with Pakistan’s national priorities.

Copyright Business Recorder, 2026