AsiaNet-Pakistan Premier Editorial Content and Press Release Distribution Service
Washington DC, Pakistani Finance Minister Muhammad Aurangzeb has engaged in a series of pivotal discussions at the IMF/World Bank Spring meetings, underscoring Pakistan’s commitment to structural reforms and enhanced international cooperation. Throughout his engagements, Minister Aurangzeb has highlighted significant initiatives in taxation, energy, and privatization, while seeking to bolster partnerships and secure further support from global financial institutions.
According to Press Information Department, during his packed schedule, Minister Aurangzeb met with various high-level officials, including IFC’s Regional Vice President Ms. Hela Cheikhrouhou, where he discussed enhancing the investment climate in Pakistan. He expressed appreciation for the IFC’s support in improving ease of doing business rankings and achieving financial access targets in Pakistan. The discussions also touched on potential areas for increased cooperation, including securitization of remittances and airport management.
In his address at the G-24 Finance Ministers and Central Bank Governors’ Meeting, Minister Aurangzeb lauded the IMF and World Bank’s roles in stabilizing Pakistan’s economy, emphasizing the challenging yet crucial reforms undertaken by the government. He highlighted the adverse impacts of climate change on developing nations, advocating for effective use of the Adaptation Fund to mitigate these challenges.
Significant meetings with other international finance leaders included dialogues with Mr. Mohammed Al-Jadaan, Finance Minister of Saudi Arabia, and Mr. Masatsugu Asakawa, President of the Asian Development Bank. Discussions focused on deepening economic ties, exploring new avenues for collaboration, and reinforcing ongoing development projects.
Minister Aurangzeb’s meeting with Mr. Scott Nathan, CEO of the U.S. International Development Finance Corporation, was particularly noteworthy. They discussed expanding DFC’s investment portfolio in Pakistan, emphasizing agriculture, IT, and renewable energy sectors. The Minister requested DFC’s assistance in areas such as debt financing and political risk insurance.
Further, in his talks with Mr. Ajay Banga, President of the World Bank Group, and Türkiye’s Finance Minister, H.E Mr. Mehmet Simsek, Minister Aurangzeb stressed the need for enhanced bilateral trade and investment, and shared objectives for future cooperation based on mutual interests in sectors like power generation and distribution.
Throughout these meetings, Minister Aurangzeb reiterated Pakistan’s proactive stance on climate finance innovation, referencing the devastating impacts of the 2022 floods which highlighted Pakistan’s vulnerability to climate-induced disasters. He advocated for developed countries to fulfill their financial commitments to help developing nations like Pakistan cope with climate challenges.
These discussions mark a significant effort by Pakistan to align its economic strategies with global practices and to secure necessary support for its developmental and environmental initiatives.