Pakistani Finance Minister Calls for Global Financial Support at MENAP Meeting in Washington

Washington DC, At the recent Middle East and North Africa (MENA) and Pakistan (MENAP) Ministers and Governors meeting, Pakistan’s Federal Minister for Finance and Revenue, Mr. Muhammad Aurangzeb, engaged with the Managing Director of the International Monetary Fund (IMF) to discuss critical economic issues impacting the region. The minister emphasized the challenges posed by geo-economic fragmentation and its specific repercussions for Pakistan.

According to Press Information Department, Minister Aurangzeb expressed gratitude towards the IMF, Multilateral Development Banks (MDBs), and bilateral partners for their enduring support, which has been vital in helping Pakistan navigate its numerous challenges. He highlighted several aggressive reforms undertaken by his government, such as broadening the tax base, privatizing loss-making state-owned enterprises (SOEs), expanding the social safety net, and enhancing the private sector’s role in the economy.

In his remarks, the minister also pointed out the necessity for rechanneling Special Drawing Rights (SDRs), revising surcharges policy, and giving priority to the Resilience and Sustainability Trust (RST) to better address climate vulnerabilities. Aurangzeb called for a strengthened Global Financial Safety Net that could more proactively and effectively respond to heightened global risks.

Additionally, Aurangzeb welcomed the IMF’s renewed focus on capacity building, particularly through the establishment of Regional Capacity Development Centers (RCDCs), which he believes are crucial for supporting economic development and reform implementation in the region.